Financial Data and Key Metrics Changes - Revenue increased by 16% year-over-year to $500.6 million, up from $431.7 million in the same quarter last year [26] - Pretax profit rose by 29% to $76.1 million compared to $58.9 million in the prior year [28] - Net income attributed to shareholders was $59.5 million, down from $79.6 million in the same period last year, with diluted earnings per share at $6.66 versus $8.57 [20] Business Line Data and Key Metrics Changes - Financial Services segment net revenue was $19.4 million, up 7.1% from $18.1 million, driven by a higher number of insurance policies [19] - In the factory-built housing segment, net revenue was $481.2 million, up 16.3% from $413.6 million, primarily due to a 15.9% increase in average revenue per home sold [26] Market Data and Key Metrics Changes - Backlog decreased by 34% sequentially to $427 million, equating to approximately 9 to 11 weeks at current production rates [13] - Cancellations were at about 60% of the previous quarter's rate, indicating a gradual improvement in order fulfillment [11] Company Strategy and Development Direction - The company successfully launched a new plant in Hamlet, North Carolina, which is fully staffed and operational [15] - A new consumer-facing digital home marketplace was launched, enhancing the homebuying experience and connecting consumers with retailers [23][24] - The acquisition of Solitaire Homes is expected to add significant value and enhance sales through its retail network [22] Management's Comments on Operating Environment and Future Outlook - Management noted that while the inventory issue is ongoing, there are early signs of a seasonal pickup in traffic and quotes, which are positive indicators for future orders [14] - The company remains optimistic about the long-term demand for manufactured housing due to the nationwide lack of affordable housing [38] Other Important Information - Gross margin as a percentage of revenue in Financial Services decreased to 46.6% from 61.2% due to weather-related impacts [27] - The company executed share repurchases totaling $34 million during the quarter [32] Q&A Session Summary Question: Trends in traffic inquiries and quotes across different markets - Management indicated that communities remain strong while street retail activity has decreased, but there are signs of optimism in January [46] Question: Production expectations given the decline in backlogs - Management expects to continue operating at reduced capacity until backlogs stabilize, with some plants adjusting to four-day work weeks [52] Question: Expectations for average selling prices as raw materials decrease - Management noted that pricing is more influenced by backlog levels and competitive dynamics rather than raw material costs alone [56] Question: Guidance on Solitaire Homes' annual revenues and shipments - Management indicated that the acquisition would increase manufacturing capacity by about 10% but cautioned that margins would be impacted in the next two quarters due to purchase accounting [72][74] Question: Insights from park operators regarding 2023 - Community operators, particularly large REITs, are maintaining growth plans and have significant capital invested, indicating steady demand [83]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|------------|-----------------------------------------------------------|----------|-------------------------------------------|-------|-------------------------------------|-------|---------------------------| | Activity in the liability for estimated | warranties | was as follows \nThree Months \nDecember 31, 2022 | (in \n | thousands): \nEnded \nJanuary 1, 2022 | | Nine Months \nDecember 31, 2022 ...

Cavco Industries, Inc. (NASDAQ:CVCO) Q2 2023 Results Conference Call November 4, 2022 1:00 PM ET Company Participants Mark Fusler - Corporate Controller, IR Bill Boor - President, CEO Allison Aden - EVP, CFO Paul Bigbee - CAO Conference Call Participants Daniel Moore - CJS Securities Greg Palm - Craig-Hallum Jay McCanless - Wedbush Operator Good day, and thank you for standing by. Welcome to the Second Quarter Fiscal Year 2023 Cavco Industries Earnings Call Webcast. [Operator Instructions] Please be advised ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08822 CAVCO INDUSTRIES INC. (Exact name of registrant as specified in its charter) Delaware 56-2405642 (State or other jurisdic ...

Cavco Industries, Inc. (NASDAQ:CVCO) Q1 2023 Earnings Conference Call August 5, 2022 1:00 PM ET Company Participants Mark Fusler - Director, Financial Reporting and IR Bill Boor - President and CEO Allison Aden - EVP and CFO Paul Bigbee - CAO Conference Call Participants Daniel Moore - CJS Securities Greg Palm - Craig-Hallum Jay McCanless - Wedbush Operator Good day, and thank you for standing by. Welcome to the First Quarter Fiscal Year 2023 Cavco Industries, Inc. Earnings Call Webcast. At this time, all p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08822 CAVCO INDUSTRIES INC. (Exact name of registrant as specified in its charter) Delaware 56-2405642 (State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 2, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08822 CAVCO INDUSTRIES INC. (Exact name of registrant as specified in its charter) Delaware 56-2405642 (State or other jurisdiction of in ...

Cavco Industries, Inc. (NASDAQ:CVCO) Q4 2022 Results Conference Call May 27, 2022 1:00 PM ET Company Participants Mark Fusler - Director, Financial Reporting and IR Bill Boor - President and CEO Allison Aden - EVP and CFO Paul Bigbee - Chief Accounting Officer Conference Call Participants Daniel Moore - CJS Securities Greg Palm - Craig-Hallum Ian Lapey - Gabelli Funds Operator Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter and Fiscal Year 2022 Cavco Industries Earnings Call a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 1, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-08822 CAVCO INDUSTRIES INC. (Exact name of registrant as specified in its charter) Delaware 56-2405642 (State or other jurisdic ...

Financial Data and Key Metrics Changes - Cavco Industries reported record revenues of $431.7 million for Q3 2022, a 49.5% increase year-over-year from $288.8 million in Q3 2021 [10] - Diluted EPS rose to $8.57 compared to $2.12 in the same quarter last year, with a significant impact from non-recurring tax credits [5][16] - The effective income tax rate was a benefit of 35.1% for Q3 2022, influenced by a non-recurring tax benefit of $34.4 million [14][15] Business Line Data and Key Metrics Changes - The factory-built housing segment saw net revenues increase by 52.7% to $413.6 million, driven by the acquisition of Commodore and a 24.4% increase in average revenue per home sold [10][12] - Total units sold increased by 22.8% to 4,424 units from 3,603 units in Q3 2021 [10] - Financial services segment net revenues increased by 0.6% to $18.1 million, attributed to a higher number of insurance policies and home loan sales [11] Market Data and Key Metrics Changes - The backlog remained consistent at $1.1 billion, representing 36 to 38 weeks of production, indicating strong demand despite higher production rates [6] - Average selling prices on a consolidated basis were slightly down compared to Q2 2022, influenced by the mix of retail and wholesale sales [7][12] Company Strategy and Development Direction - The company plans to start operations at a new facility in Glendale, Arizona, which will double park model capacity [9] - The integration of Commodore is progressing well, with expectations for improved margins as lower-priced homes in backlog are sold [9][41] - The company is focused on operational improvements and optimizing customer relationships to capture synergies from the Commodore acquisition [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining production momentum despite ongoing labor challenges and supply chain inefficiencies [8][28] - The demand for manufactured housing remains strong, driven by demographic factors and a significant housing deficit [8][35] - Rising interest rates may pose short-term pressures, but the impact on manufactured housing is expected to be less severe compared to site-built homes [61] Other Important Information - Selling, general, and administrative expenses increased to $60.3 million, primarily due to the addition of Commodore and higher incentive wages [14] - The cash balance decreased to $267.3 million, primarily due to the acquisition of Commodore and increased inventory purchases [17] Q&A Session Summary Question: Contribution of Commodore in the quarter - Management confirmed that Commodore contributed $73 million in revenue, aligning with expectations for capacity and shipment [21][22] Question: Demand and order rates - Management clarified that order rates remain strong, with seasonal patterns observed but still above pre-pandemic levels [23][24] Question: Gross margin impacts - Management indicated that lower lumber prices benefited margins, while selling Commodore's price-protected homes in backlog had a negative impact [25][26] Question: Capacity utilization and unit growth - Management expressed optimism about maintaining unit growth and production capacity, with current utilization at 80% [27][28] Question: Synergies from Commodore acquisition - Management noted potential operational synergies from the acquisition, focusing on best practices and technology improvements [30] Question: Demand by channel and demographic - Management observed strong demand across both community and dealer channels, with a shift towards higher-end manufactured homes [35] Question: Credit quality and lending - Management reported stable credit quality, with applications coming from higher FICO score customers [56] Question: Raw material challenges - Management acknowledged ongoing challenges with raw material supply, affecting efficiency but noted minimal shutdowns [64] Question: Energy tax credit - Management explained the identification and utilization of energy tax credits as part of a continuous evaluation process [65] Question: Share repurchases - Management confirmed that share repurchases remain a priority, with $9 million repurchased in the quarter [67]