Financial Data and Key Metrics Changes - Net income increased by 121% year-over-year and 12% compared to the fourth quarter [7] - Net revenue for the period was $588.3 million, up 78.1% from $330.4 million in the previous year [19] - Consolidated gross profit as a percentage of net revenue was 24.6%, up from 22.4% in the same period last year [23] Business Line Data and Key Metrics Changes - Factory built housing segment net revenue increased by 83.4% to $572.6 million, driven by the addition of Commodore operations and a 26.9% increase in average revenue per home sold [20] - Financial services segment net revenue decreased by 13.2% to $15.7 million due to unrealized losses on marketable equity securities and decreased loan sales volume [22] Market Data and Key Metrics Changes - Backlog ended the quarter at 25 to 27 weeks compared to four weeks last quarter, with a drop of approximately 10% from $1.1 billion to $1 billion [13][14] - Retail traffic remains strong, but buyers have become more patient, resulting in lower deposit ratios [15] Company Strategy and Development Direction - The company is well-positioned for demand drivers despite high prices and increasing rates, focusing on manufactured housing as an affordable solution [9][11] - New manufacturing facilities in Glendale, Arizona, and Hamlet, North Carolina, are nearing completion, expected to begin operations in the coming months [17][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the economic uncertainty and inflation affecting prospective buyers but emphasizes the ongoing need for affordable housing [9][79] - The company anticipates a near-term reset of retail inventories, with orders potentially dropping below true buyer demand for a short timeframe [15] Other Important Information - The company executed nearly $39 million of stock repurchases, completing the previously authorized $100 million program [29] - An additional $100 million for future share repurchases was authorized by the Board [30] - The company reached an agreement in principle with the SEC to settle litigation, pending final approval [35] Q&A Session Summary Question: Growth rate in shipments and organic growth - Management confirmed organic growth in the number of homes sold is in the mid to high teens, excluding Commodore [38] Question: Moderation of order rates - Management indicated that orders are off the highs but are comparable to pre-pandemic levels with appropriate seasonality [40] Question: Impact of lower financial services profitability and Commodore pricing - Management noted that the lower financial services profitability and Commodore pricing are expected to impact margins, with a drag of about 200 basis points from Commodore [48] Question: Sustainability of production levels - Management expressed confidence in sustaining production levels above 5,000 units, citing improvements in staffing and supply chain conditions [74]

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 ...

Revenue and Sales Performance - Net revenue for factory-built housing increased by $318.1 million, or 42.4%, from $749.9 million in 2020 to $1.1 billion in 2022[130] - The average sales price for factory-built homes increased by 24.4%, from $75,166 per home sold to $93,488[130] - The company experienced a 12.0% increase in industry home shipments in 2021 compared to the prior year[112] - Net factory-built housing revenue per home sold increased by 24.9% and 22.8% for the three and nine months ended January 1, 2022, respectively, compared to the same periods in 2020[132] Backlog and Production Capacity - The backlog as of January 1, 2022, was $1.1 billion, up $633 million, or 134.1%, compared to $472 million at December 26, 2020[122] - The company acquired Commodore, contributing $277 million to the year-over-year increase in backlog[122] - Factory utilization for the third fiscal quarter of 2022 reached approximately 80%, up from 75% in the previous four quarters[120] - Home order rates remain above pre-COVID levels, indicating strong housing demand despite moderation from previous highs[121] - The company operates 26 homebuilding production lines across various states in the U.S.[109] Financial Performance - Gross profit for factory-built housing rose to $104.1 million for the three months ended January 1, 2022, up from $47.0 million in the prior year, representing a 80.3% increase[136] - The gross profit margin for factory-built housing improved to 25.2% for the three months ended January 1, 2022, compared to 17.4% in the prior year[136] - The financial services segment reported a revenue increase of $2.0 million, or 4.0%, from $51.7 million in 2020 to $53.7 million in 2022[130] - Financial services segment revenue increased due to higher home loan sales volume, with unrealized gains on marketable equity securities decreasing to $0.5 million for the three months ended January 1, 2022, down from $1.0 million in the prior year[132] Expenses and Cash Flow - Selling, general and administrative expenses for factory-built housing increased by $25.2 million for the three months ended January 1, 2022, primarily due to the acquisition of Commodore and higher compensation expenses[139] - Cash and cash equivalents at January 1, 2022, were $339.3 million, an increase of $83.7 million compared to $255.6 million at December 26, 2020[151] - Net cash provided by operating activities increased to $126.0 million for the nine months ended January 1, 2022, compared to $91.6 million in the previous year, driven by higher net income and consumer loan sales[151] - Consumer loan originations decreased by $1.2 million to $122.9 million for the nine months ended January 1, 2022, compared to $124.1 million for the same period in 2020[152] - Cash receipts, net of amounts loaned, increased cash by $8.1 million, while the prior period net activity provided an additional $6.4 million in cash[153] - Greater cash was used in the current period for the purchase of Craftsman and Commodore, indicating strategic growth acquisitions[154] - Net cash used in financing activities was primarily for the repurchase of common stock and the full payment of secured term loans as of January 1, 2022[155] Strategic Outlook and Challenges - The company plans to evaluate potential acquisitions and strategic investments to support growth, leveraging its strong cash position[148] - The company continues to face challenges related to labor availability and supply chain disruptions affecting production efficiency[124] Tax and Accounting - The effective tax rate for the three months ended January 1, 2022, was a benefit of (35.1)%, significantly lower than 23.9% in the prior year, due to estimated non-recurring net tax credits[143] - There have been no significant changes to critical accounting policies during the nine months ended January 1, 2022, compared to those disclosed in the previous Form 10-K[156] - There were no material changes to contractual obligations as set forth in the Annual Report on Form 10-K[155] - There have been no material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K[160]

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]

Cavco Industries, Inc. (NASDAQ:CVCO) Q2 2022 Earnings Conference Call November 5, 2021 1:00 PM ET Company Participants Mark Fusler - Director, Financial Reporting & IR William Boor - President, CEO & Director Allison Aden - Executive Vice President and CFO Paul Bigbee - CAO & Principal Financial Officer Conference Call Participants Daniel Moore - CJS Securities Gregory Palm - Craig-Hallum Jay McCanless - Wedbush Securities Disclaimer*: This transcript is designed to be used alongside the freely available au ...

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 2, 2021 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 2022 Earnings Conference Call August 6, 2021 1:00 PM ET Company Participants Mark Fusler - Director, Financial Reporting & IR William Boor - President, CEO & Director Paul Bigbee - CAO & Principal Financial Officer Conference Call Participants Brendan Popson - CJS Securities Gregory Palm - Craig-Hallum Jay McCanless - Wedbush Securities DeForest Hinman - Walthausen & Co. Operator Good day, and thank you for standing by. Welcome to the First Quarter Fiscal Year 2022 Ca ...

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 3, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |----------------------------------------------------------------|----------------------------------------------------------------------------------------|---------------- ...