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Item 1. Financial Statements

2026-07-31 compared with 2026-02-02 · 91 added, 191 removed, 468 unchanged (38% of the section changed)

15 unchanged sentences

Prepaid expenses and other current assets 63,867 71,630

Total current assets 816,795 910,186

837,195 824,733

Restricted cash 585 585

7 unchanged sentences

Operating lease right-of-use assets 37,071 33,578

Deferred income taxes — 1,853

Total assets $ 1,541,448 $ 1,491,139

21 unchanged sentences

Retained earnings 1,430,985 1,388,714

Accumulated other comprehensive income 227 9

Accumulated other comprehensive (loss) income ( 85 ) 30

Total stockholders' equity 1,110,396 1,103,182

4 unchanged sentences

(Dollars in thousands, except per share amounts)

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Three Months Ended

2026 June 28,

$ 609,959 $ 556,857

7 unchanged sentences

Interest expense ( 132 ) ( 164 )

Other income, net 213 168 355 315

Other expense, net ( 98 ) —

Income before income taxes 55,788 65,297

4 unchanged sentences

Reclassification adjustment for securities sold ( 132 ) 117

Applicable income tax (expense) benefit 2 20 ( 51 ) ( 37 )

Applicable income tax benefit (expense) 28 ( 24 )

Net change in unrealized position of investments held

Applicable income tax expense ( 5 ) ( 2 ) ( 7 ) ( 13 )

Applicable income tax benefit (expense) 3 ( 1 )

Comprehensive income $ 42,156 $ 51,738

9 unchanged sentences

(Dollars in thousands)

Nine Months Ended

2025 December 28,

Three Months Ended

2026 June 28,

OPERATING ACTIVITIES

6 unchanged sentences

Non-cash interest income, net ( 252 ) ( 239 )

Gain on sale or retirement of property, plant and equipment, net ( 44 ) ( 19 )

Loss on sale or retirement of property, plant and equipment, net 268 80

Gain on investments and sale of loans, net ( 3,045 ) ( 1,054 )

Changes in operating assets and liabilities, net of acquisitions

Changes in operating assets and liabilities

Accounts receivable ( 7,570 ) ( 10,390 )

Consumer loans receivable originated ( 26,886 ) ( 15,231 )

Proceeds received on consumer loans receivable 42,757 47,026

Proceeds from sales of consumer loans receivable 29,031 12,357

Principal payments received on consumer loans receivable 1,338 1,417

Inventories ( 13,307 ) ( 5,373 )

6 unchanged sentences

Purchases of property, plant and equipment ( 25,493 ) ( 9,138 )

Payments for acquisitions, net ( 171,446 ) —

Proceeds from sale of property, plant and equipment 49 —

8 unchanged sentences

Net cash used in financing activities ( 38,357 ) ( 54,729 )

Net (decrease) increase in cash, cash equivalents and restricted cash ( 132,873 ) 9,873

Net increase (decrease) in cash, cash equivalents and restricted cash 8,605 ( 6,921 )

Cash, cash equivalents and restricted cash at beginning of the fiscal year 257,612 375,345

4 unchanged sentences

Supplemental disclosures of noncash activity

Payable due for acquisition of a business $ 3,358 $ —

Fair value of contingent acquisition purchase price receivable $ 4,838 $ —

Change in GNMA loans eligible for repurchase $ ( 861 ) $ 563

16 unchanged sentences

Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest March 31 st .

The current fiscal year will end on March 28, 2026 and will include 52 weeks.

As disclosed on our Form 8-K filed on September 30, 2025, on September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, nineteen wholly-owned retail locations and financial service operations.

The current fiscal year will end on April 3, 2027 and will include 53 weeks.

On September 29, 2025, we acquired American Homestar Corporation ("American Homestar"), including its two manufacturing facilities, 19 wholly-owned retail locations and financial service operations.

The results of operations are included in our Consolidated Financial Statements from the date of acquisition.

3 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 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.

In November 2024, the FASB issued ASU No.

9 unchanged sentences

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

Three Months Ended Nine Months Ended

December 27, 2025 December 28, 2024 December 27,

2025 December 28,

Three Months Ended

2026 June 28,

Factory-built housing

4 unchanged sentences

Insurance agency commissions received from third-party insurance companies

1,975 1,246 4,899 3,920

All other sources 22,049 19,753

3 unchanged sentences

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 December 28,

2026 March 28,

Cash and cash equivalents $ 243,195 $ 236,721

12 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 27, 2025 March 29, 2025

June 27, 2026 March 28, 2026

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 27, 2025

June 27, 2026

Due in less than one year $ 1,640 $ 1,641

5 unchanged sentences

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

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Three Months Ended

2026 June 28,

Marketable equity securities

Net gain (loss) recognized during the period $ 478 $ ( 954 ) $ 2,070 $ ( 440 )

Net gain recognized on securities sold during the period ( 283 ) ( 1,649 ) ( 274 ) ( 1,561 )

Unrealized gain (loss) recognized during the period on securities still held $ 195 $ ( 2,603 ) $ 1,796 $ ( 2,001 )

Net gain recognized during the period $ 1,600 $ 599

Net loss recognized on securities sold during the period 277 56

Unrealized gain recognized during the period on securities still held $ 1,877 $ 655

Inventories consisted of the following (in thousands):

30 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 27, 2025

June 27, 2026

2027 2026 2025 2024 2023 Prior Total

19 unchanged sentences

$ 12,368 $ 2,201 $ 2,322 $ 318 $ 39 $ 22,321 $ 39,569

As of December 27, 2025, 47 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12 % was concentrated in Florida.

As of June 27, 2026, 42 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 12 % was concentrated in Florida.

As of March 28, 2026, 44 % of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 13 % 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 27, 2025 or March 29, 2025.

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 27, 2026 or March 28, 2026.

Commercial Loans Receivable

13 unchanged sentences

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

December 27, 2025

June 27, 2026

2027 2026 2025 2024 2023 Prior Total

3 unchanged sentences

$ 84,177 $ 20,123 $ 10,720 $ 1,071 $ 597 $ — $ 116,688

As of December 27, 2025, our outstanding commercial loans receivable principal balance was concentrated primarily in Arizona 15 %, New York 14 %, California 13 % and North Carolina 12 %.

As of March 29, 2025, concentrations were 16 % in California and 17 % in New York.

We had concentrations with one independent third-party and its affiliates that equaled 10 % of the net commercial loans receivable principal balance outstanding, all of which was secured, as of December 27, 2025 and March 29, 2025.

As of June 27, 2026 approximately 13 % of our outstanding commercial loans receivable principal balance was concentrated in New York, 12 % in Arizona and 11 % each in California and North Carolina.

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.

No other state had concentrations in excess of 10% of the principal balance of the commercial loans receivable as of June 27, 2026 or March 28, 2026.

We had concentrations with one independent third-party and its affiliates that equaled 8 % and 12 % of the net commercial loans receivable principal balance outstanding, all of which was secured, as of June 27, 2026 and March 28, 2026, respectively.

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

1 unchanged sentence

Goodwill and other intangibles, net, consisted of the following (in thousands):

December 27, 2025 March 29, 2025

June 27, 2026 March 28, 2026

Amount Accumulated

12 unchanged sentences

$ 246,775 $ ( 10,072 ) $ 236,703 $ 246,375 $ ( 9,467 ) $ 236,908

Changes to Goodwill for the nine months ended December 27, 2025 were as follows (in thousands):

Goodwill beginning of the period $ 121,969

American Homestar Acquisition (1)

Goodwill end of the period $ 207,803

(1) See Note 19, Acquisition

Amortization expense recognized on intangible assets for the three and nine months ended December 27, 2025 was $ 0.6 million and $ 1.4 million, respectively.

Amortization expense recognized on intangible assets for the three and nine months ended December 28, 2024 was $ 0.4 million and $ 1.2 million, respectively.

Changes to Goodwill for the three months ended June 27, 2026 were due to an immaterial measurement period adjustment for the American Homestar acquisition.

See Note 19, Acquisitions.

Amortization expense recognized on intangible assets for the three months ended June 27, 2026 was $ 0.6 million.

Amortization expense recognized on intangible assets for the three months ended June 28, 2025 was $ 0.4 million.

Customer relationships have a weighted average remaining life of 9.1 years and other finite lived intangibles have a weighted average remaining life of 0.4 years.

10 unchanged sentences

2026 March 28,

Salaries, wages and benefits $ 49,508 $ 45,640

Customer deposits $ 72,957 $ 54,128

Salaries, wages and benefits 49,948 49,819

Estimated warranties 43,322 40,818

6 unchanged sentences

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

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

Three Months Ended

2026 June 28,

Balance at beginning of period $ 40,818 $ 33,189

Purchase accounting additions 2,231 — 2,231 —

Charged to costs and expenses 20,284 16,625

8 unchanged sentences

$ 6,972 $ 7,096

We are party to an Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, and 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.

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 matures on November 12, 2029.

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 up to $ 150 million.

As of December 27, 2025 and March 29, 2025, there were no borrowings outstanding under the Revolving Credit Facility and we were in compliance with all covenants.

As of June 27, 2026 and March 28, 2026, 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 27, 2025 December 28, 2024

Written Earned Written Earned

Direct premiums

$ 9,643 $ 11,084 $ 19,260 $ 24,645

Assumed premiums—nonaffiliated

9,996 11,018 21,534 20,629

Ceded premiums—nonaffiliated

( 7,309 ) ( 7,309 ) ( 17,387 ) ( 17,387 )

$ 12,330 $ 14,793 $ 23,407 $ 27,887

Nine Months Ended

December 27, 2025 December 28, 2024

June 27, 2026 June 28, 2025

Written Earned Written Earned

6 unchanged sentences

$ 15,824 $ 14,912 $ 15,923 $ 14,692

Typical insurance policies written or assumed have a maximum coverage of $ 0.4 million per claim, of which we cede $ 0.15 million of the risk of loss per reinsurance.

Therefore, our risk of loss is limited to $ 0.25 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 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 27, 2025 a nd December 28, 2024 (in thousands):

Three Months Ended Nine Months Ended

2025 December 28,

2024 December 27,

2025 December 28,

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 million in the aggregate for that occurrence.

The following details the activity in the incurred but not reported reserve for the three months ended June 27, 2026 a nd June 28, 2025 (in thousands):

Three Months Ended

2026 June 28,

Balance at beginning of period $ 9,778 $ 16,201

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 approxim ated $ 148 million and $ 133 million at December 27, 2025 and March 29, 2025, respectively, without reduction for the estimated resale value of the home s.

Our reserve for repurchase commitments, re corded in Accrued expenses and other current liabilities, was $ 3.7 million at December 27, 2025 and $ 3.3 million at March 29, 2025.

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 approxim ated $ 134 million and $ 141 million at June 27, 2026 and March 28, 2026, respectively, without reduction for the estimated resale value of the home s.

Our reserve for repurchase commitments, recorded in Accrued expenses and other current liabilities, was $ 7.8 million at June 27, 2026 and $ 3.9 million at March 28, 2026.

Construction-Period Mortgages.

5 unchanged sentences

Representations and Warranties of Mortgages Sold .

The reserve for contingent repurchases and indemnification obliga tions was $ 0.6 million as of December 27, 2025 and 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 nine months ended December 27, 2025 or December 28, 2024 .

The reserve for contingent repurchases and indemnification obliga tions was $ 0.5 million as of June 27, 2026 and March 28, 2026, which is 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 27, 2026 or June 28, 2025 .

Interest Rate Lock Commitments ("IRLCs") .

As of December 27, 2025 and March 29, 2025, w e had outstanding IRLCs with a notional amount of $ 36.0 million and $ 16.3 million, respectively.

For the three and nine months ended December 27, 2025 , we recognized insignificant non-cash gains on outstanding IRLCs.

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

As of June 27, 2026 and March 28, 2026, w e had outstanding IRLCs with a notional amount of $ 83.0 million and $ 71.6 million, respectively.

For the three months ended June 27, 2026, and the three months ended June 28, 2025, we recognized insignificant non-cash gains on outstanding IRLCs.

Forward Sales Commitments.

As of December 27, 2025 and March 29, 2025, we had $ 10.6 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 and nine months ended December 27, 2025, we recognized insignificant non-cash gains on Commitments.

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

As of June 27, 2026 and March 28, 2026, we had $ 4.7 million and $ 6.4 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 27, 2026, we recognized insignificant non-cash losses on Commitments.

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

Legal Matters.

3 unchanged sentences

Stockholders' Equity

The following tables represent changes in Stockholders' equity during the nine months ended December 27, 2025 and December 28, 2024, respectively (dollars in thousands):

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

The following tables represent changes in Stockholders' equity during the three months ended June 27, 2026 and June 28, 2025, respectively (dollars in thousands):

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

Shares Amount

1 unchanged sentence

Net income — — — — 42,271 — 42,271

Other comprehensive income, net — — — — — 96 96

Other comprehensive loss, net — — — — — ( 115 ) ( 115 )

Net issuance of common stock under stock incentive plans 30,645 — — ( 8,536 ) — — ( 8,536 )

2 unchanged sentences

Balance, June 27, 2026 9,504,933 $ 95 $ ( 616,372 ) $ 295,773 $ 1,430,985 $ ( 85 ) $ 1,110,396

Net income — — — — 52,381 — 52,381

Other comprehensive income, net — — — — — 114 114

Net issuance of common stock under stock incentive plans 17,457 — — 1,633 — — 1,633

Stock-based compensation — — — 3,530 — — 3,530

Common stock repurchases — — ( 36,354 ) — — — ( 36,354 )

Balance, September 27, 2025 9,470,820 $ 95 $ ( 511,347 ) $ 294,984 $ 1,302,186 $ 219 $ 1,086,137

Net income — — — — 44,067 — 44,067

Other comprehensive income, net — — — — — 8 8

Net issuance of common stock under stock incentive plans 469 — — 75 — — 75

Stock-based compensation — — — 3,172 — — 3,172

Common stock repurchases — — ( 44,240 ) — — — ( 44,240 )

Balance, December 27, 2025 9,471,289 $ 95 $ ( 555,587 ) $ 298,231 $ 1,346,253 $ 227 $ 1,089,219

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

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 (loss), 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

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

2025 December 28,

2024 December 27,

2025 December 28,

Three Months Ended

2026 June 28,

Net income $ 42,271 $ 51,642

9 unchanged sentences

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

December 27, 2025 March 29, 2025

June 27, 2026 March 28, 2026

Value Estimated

11 unchanged sentences

Other secured financing ( 1,320 ) ( 1,303 ) ( 1,388 ) ( 1,376 )

See Note 20, Fair Value Measurements, and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies, in the Form 10-K for more information on the methodologies we use in determining fair value.

See the Form 10-K for more information on the methodologies we use in determining fair value.

Mortgage Servicing .

7 unchanged sentences

MSRs (in thousands) $ 2,698 $ 2,583

Fiscal Year 2026

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 $ 179.9 million, which is subject to customary adjustments.

The total consideration transferred was $ 181.4 million in cash, $ 3.4 million in a liability to be paid in cash and contingent consideration to be received from the seller pending the outcome of future matters is fair valued at $ 4.8 million.

The range of possible outcomes is $ 0 million to $ 4.8 million.

On September 29, 2025 (the "Acquisition Date"), we completed the acquisition of American Homestar, including its two manufacturing facilities, 19 wholly-owned retail locations and financial service operations , 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.

1 unchanged sentence

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 Acquisition Date (in thousands).

The purchase accounting is provisional and c ertain estimated fair values for leases, Other current assets, Accounts payable and accrued expenses and Deferred tax liability are not yet finalized and are subject to change, which could be significant.

The purchase accounting is provisional and certain estimated fair values for Accrued liabilities and Deferred tax liability 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.

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

We have made certain Measurement Period adjustments to the assets and liabilities based on information that became available :

September 29,

2025 Measurement Period Adjustments September 29, 2025

(as adjusted)

Cash $ 8,484 $ — $ 8,484

Accounts receivable 5,310 — 5,310

Inventories 47,855

Other current assets 2,574 238 2,812

Inventories 47,855 — 47,855

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

2 unchanged sentences

Intangible assets (1)

Total identifiable assets acquired 119,505

13,300 — 13,300

Accounts payable and accrued liabilities ( 16,757 ) 825 ( 15,932 )

1 unchanged sentence

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

Net identifiable assets acquired 94,096

Total net identifiable assets acquired 94,096 ( 100 ) 93,996

Goodwill (2)(3)

85,834 1,438 87,272

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

(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.

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 $ 42.0 million and Net income of $ 2.4 million for the three months ended December 27, 2025.

(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.

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):

December 27, 2025 December 28, 2024

Nine Months Ended Three Months Ended Nine Months Ended

The following table presents supplemental pro forma information as if the above acquisition had occurred on March 30, 2025 (in thousands, except per share data):

June 28, 2025

Three Months Ended

Net revenue $ 610,311

11 unchanged sentences

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

Three Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

Net revenue $ 558,497 $ 22,497 $ 580,994

Cost of sales 437,242 7,831 445,073

Gross profit 121,255 14,666 135,921

Selling, general and administrative expenses 74,162 7,199 81,361

Income from operations 47,093 7,467 54,560

Interest income 2,956 — 2,956

Interest expense ( 131 ) — ( 131 )

Other income, net 213 — 213

Income before income taxes 50,131 7,467 57,598

Income tax expense ( 11,981 ) ( 1,550 ) ( 13,531 )

Net income $ 38,150 $ 5,917 $ 44,067

Nine Months Ended December 27, 2025

Three Months Ended June 27, 2026

Factory-built housing Financial services Consolidated

6 unchanged sentences

Interest expense ( 132 ) — ( 132 )

Other income, net 355 — 355

Other expense, net ( 98 ) — ( 98 )

Income before income taxes 51,082 4,706 55,788

1 unchanged sentence

Net Income $ 38,565 $ 3,706 $ 42,271

Three Months Ended December 27, 2025

Factory-built housing Financial services Consolidated

Depreciation $ 5,497 $ 55 $ 5,552

Amortization $ 602 $ 7 $ 609

Capital expenditures $ 8,448 $ 42 $ 8,490

Nine Months Ended December 27, 2025

Three Months Ended June 27, 2026

Factory-built housing Financial services Consolidated

2 unchanged sentences

Capital expenditures $ 25,393 $ 100 $ 25,493

Three Months Ended December 28, 2024

Three Months Ended June 28, 2025

Factory-built housing Financial services Consolidated

6 unchanged sentences

Interest expense ( 164 ) — ( 164 )

Other income, net 168 — 168

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

1 unchanged sentence

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

Nine Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

Net revenue $ 1,445,251 $ 61,849 $ 1,507,100

Cost of sales 1,112,029 45,597 1,157,626

Gross profit 333,222 16,252 349,474

Selling, general and administrative expenses 181,569 16,259 197,828

Income (loss) from operations 151,653 ( 7 ) 151,646

Interest income 16,556 — 16,556

Interest expense ( 370 ) — ( 370 )

Other income, net 315 — 315

Income (loss) before income taxes 168,154 ( 7 ) 168,147

Income tax (expense) benefit ( 33,470 ) 29 ( 33,441 )

Net income $ 134,684 $ 22 $ 134,706

Three Months Ended December 28, 2024

Factory-built housing Financial services Consolidated

Depreciation $ 4,344 $ 63 $ 4,407

Amortization $ 370 $ 7 $ 377

Capital expenditures $ 5,434 $ — $ 5,434

Nine Months Ended December 28, 2024

Three Months Ended June 28, 2025

Factory-built housing Financial services Consolidated

8 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-Q

Item 1. Financial Statements