Cavco(CVCO) - 2022 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements This section presents Cavco Industries, Inc.'s unaudited consolidated financial statements for the quarter ended July 3, 2021, including balance sheets, statements of comprehensive income, and cash flows, along with detailed notes explaining accounting policies, revenue breakdown, asset and liability specifics, and segment performance Consolidated Balance Sheets This section presents the company's financial position, detailing assets, liabilities, and equity as of July 3, 2021, and April 3, 2021 | Metric | July 3, 2021 (Unaudited) | April 3, 2021 (Unaudited) | |:-----------------------------|:-------------------------|:--------------------------| | Total Current Assets | $667,864 | $651,799 | | Total Assets | $970,872 | $951,833 | | Total Current Liabilities | $242,187 | $237,104 | | Total Stockholders' Equity | $699,067 | $683,640 | | Total Liabilities & Equity | $970,872 | $951,833 | Consolidated Statements of Comprehensive Income This section outlines the company's financial performance, including net revenue, gross profit, and net income for the three months ended July 3, 2021, and June 27, 2020 | Metric | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:-----------------------------|:--------------------------------|:---------------------------------| | Net Revenue | $330,422 | $254,801 | | Cost of Sales | $256,409 | $199,478 | | Gross Profit | $74,013 | $55,323 | | Income from Operations | $33,181 | $20,000 | | Income Before Income Taxes | $35,478 | $21,680 | | Net Income | $27,046 | $16,674 | | Basic Net Income Per Share | $2.94 | $1.82 | | Diluted Net Income Per Share | $2.92 | $1.80 | Consolidated Statements of Cash Flows This section details the company's cash inflows and outflows from operating, investing, and financing activities for the three months ended July 3, 2021, and June 27, 2020 | Cash Flow Activity | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:-----------------------------------|:--------------------------------|:---------------------------------| | Net Cash Provided by Operating | $24,275 | $35,692 | | Net Cash (Used in) Provided by Investing | $(3,616) | $105 | | Net Cash Used in Financing | $(13,150) | $(922) | | Net Increase in Cash, Equivalents & Restricted Cash | $7,509 | $34,875 | | Cash, Equivalents & Restricted Cash at End of Period | $346,816 | $290,482 | Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the consolidated financial statements, covering accounting policies, segment information, and specific financial accounts Note 1. Basis of Presentation The financial statements are unaudited and prepared in accordance with SEC regulations. The company operates in two segments: factory-built housing and financial services, with a fiscal year ending on the Saturday nearest to March 31 - The Company operates in two segments: (1) factory-built housing, including wholesale and retail operations, and (2) financial services, including manufactured housing consumer finance and insurance[14] - The fiscal year operates on a 52-53 week cycle, ending on the Saturday nearest to March 31[14] Note 2. Revenue from Contracts with Customers Net revenue increased significantly year-over-year, primarily driven by the factory-built housing segment, with a smaller contribution from financial services | Segment | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:------------------------|:--------------------------------|:---------------------------------| | Factory-built housing | $312,283 | $238,090 | | Financial services | $18,139 | $16,711 | | Total Net Revenue | $330,422 | $254,801 | - U.S. Housing and Urban Development code homes revenue increased from $189,446 thousand in 2020 to $262,390 thousand in 2021[17] Note 3. Restricted Cash Restricted cash, primarily related to CountryPlace customer payments, remained stable at approximately $17 million | Category | July 3, 2021 | April 3, 2021 | |:---------------------------------------------|:-------------|:--------------| | Cash related to CountryPlace customer payments | $15,928 | $16,049 | | Other restricted cash | $1,135 | $979 | | Total Restricted Cash | $17,063 | $17,028 | | Less current portion | $(16,728) | $(16,693) | | Non-current Restricted Cash | $335 | $335 | Note 4. Investments Total investments increased to $57.9 million, with growth in available-for-sale debt securities and non-marketable equity investments, while marketable equity securities remained stable | Investment Type | July 3, 2021 | April 3, 2021 | |:---------------------------------|:-------------|:--------------| | Available-for-sale debt securities | $17,962 | $14,946 | | Marketable equity securities | $17,550 | $17,600 | | Non-marketable equity investments | $22,429 | $21,960 | | Total Investments | $57,941 | $54,506 | | Less current portion | $(19,749) | $(19,496) | | Long-term Investments | $38,192 | $35,010 | - Non-marketable equity investments include $15.0 million in equity-method investments in community-based initiatives that buy and sell homes and provide home-only financing[22] | Marketable Equity Securities | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:-----------------------------|:--------------------------------|:---------------------------------| | Net gain recognized | $1,696 | $2,030 | | Unrealized gains recognized | $1,560 | $1,997 | Note 5. Inventories Total inventories increased by approximately $19.7 million, primarily driven by a significant rise in raw materials | Inventory Type | July 3, 2021 | April 3, 2021 | |:----------------|:-------------|:--------------| | Raw materials | $69,123 | $54,336 | | Work in process | $20,426 | $19,149 | | Finished goods | $61,368 | $57,749 | | Total | $150,917 | $131,234 | Note 6. Consumer Loans Receivable Consumer loans receivable decreased, with a notable reduction in loans held for sale and construction advances. The allowance for loan losses also decreased, and the portfolio showed improved delinquency status | Category | July 3, 2021 | April 3, 2021 | |:---------------------------------------|:-------------|:--------------| | Loans held for investment, securitized | $30,384 | $31,949 | | Loans held for investment | $17,565 | $18,690 | | Loans held for sale | $13,542 | $15,587 | | Construction advances | $10,479 | $13,801 | | Total Consumer Loans Receivable | $71,970 | $80,027 | | Allowance for loan losses | $(2,918) | $(3,188) | | Delinquency Status | July 3, 2021 | April 3, 2021 | |:-------------------|:-------------|:--------------| | Current | $68,258 | $76,378 | | 31 to 60 days | $192 | $508 | | 61 to 90 days | $3,112 | $21 | | 91+ days | $408 | $3,120 | - 35% of the consumer loans receivable portfolio was concentrated in Texas and 20% in Florida as of July 3, 2021[31] Note 7. Commercial Loans Receivable Commercial loans receivable remained stable, primarily consisting of direct financing for independent distributors and community owners. The allowance for loan losses slightly decreased, and there were no nonperforming loans | Category | July 3, 2021 | April 3, 2021 | |:-------------------------------|:-------------|:--------------| | Loans receivable | $45,620 | $45,377 | | Allowance for loan losses | $(785) | $(816) | | Deferred financing fees, net | $(247) | $(247) | | Commercial Loans Receivable, Net | $44,588 | $44,314 | - As of July 3, 2021, 14% of outstanding commercial loans were concentrated in Arizona and 13% in California[36] - There were no commercial loans 90 days or more past due[37] Note 8. Property, Plant and Equipment, net Net property, plant, and equipment increased slightly, with additions to buildings and improvements, and machinery and equipment | Category | July 3, 2021 | April 3, 2021 | |:-----------------------------|:-------------|:--------------| | Land | $28,314 | $28,314 | | Buildings and improvements | $73,415 | $71,827 | | Machinery and equipment | $35,075 | $34,146 | | Accumulated depreciation | $(38,823) | $(37,493) | | Total PP&E, Net | $97,981 | $96,794 | - Depreciation expense was $1.4 million for both the three months ended July 3, 2021, and June 27, 2020[39] Note 9. Goodwill and Other Intangibles Goodwill and indefinite-lived intangibles remained constant, while finite-lived intangibles saw a slight decrease due to amortization | Category | July 3, 2021 Net Carrying Amount | April 3, 2021 Net Carrying Amount | |:-----------------------------|:---------------------------------|:----------------------------------| | Goodwill | $75,090 | $75,090 | | Trademarks and trade names | $8,900 | $8,900 | | State insurance licenses | $1,100 | $1,100 | | Customer relationships | $4,045 | $4,203 | | Other finite-lived | $145 | $160 | | Total Goodwill & Intangibles | $89,280 | $89,453 | - Amortization expense for intangible assets was $173,000 for the three months ended July 3, 2021, a decrease from $187,000 in the prior year[40] Note 10. Accrued Expenses and Other Current Liabilities Total accrued expenses and other current liabilities increased, primarily due to higher customer deposits and unearned insurance premiums, partially offset by a decrease in company repurchase options | Category | July 3, 2021 | April 3, 2021 | |:---------------------------------------------|:-------------|:--------------| | Customer deposits | $48,989 | $41,835 | | Salaries, wages and benefits | $37,176 | $37,737 | | Unearned insurance premiums | $24,125 | $22,643 | | Company repurchase options on certain loans sold | $19,432 | $25,938 | | Estimated warranties | $19,344 | $18,032 | | Accrued volume rebates | $14,097 | $12,132 | | Other | $47,027 | $44,816 | | Total | $210,190 | $203,133 | Note 11. Warranties The liability for estimated warranties increased due to higher charges to costs and expenses, exceeding payments and deductions | Warranty Activity | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:-------------------------------|:--------------------------------|:---------------------------------| | Balance at beginning of period | $18,032 | $18,678 | | Charged to costs and expenses | $9,125 | $6,347 | | Payments and deductions | $(7,813) | $(6,487) | | Balance at end of period | $19,344 | $18,538 | Note 12. Debt and Finance Lease Obligations Total debt and finance lease obligations slightly decreased, primarily driven by payments on secured term loans | Obligation Type | July 3, 2021 | April 3, 2021 | |:----------------------------|:-------------|:--------------| | Secured term loan | $7,980 | $8,210 | | Other secured financings | $3,473 | $3,672 | | Finance lease obligations | $296 | $304 | | Total | $11,749 | $12,186 | | Less current portion | $(1,822) | $(1,851) | | Long-term Obligations | $9,927 | $10,335 | - The outstanding balance of converted secured credit facilities was $8.0 million as of July 3, 2021, with a weighted average interest rate of 4.9%[44] Note 13. Reinsurance and Insurance Loss Reserves Net earned premiums increased, while the insurance loss reserves grew due to higher net incurred losses | Reinsurance Effect | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:----------------------------|:--------------------------------|:---------------------------------| | Direct premiums earned | $5,996 | $5,185 | | Assumed premiums | $7,378 | $6,790 | | Ceded premiums | $(3,647) | $(3,202) | | Total Net Earned Premiums | $9,727 | $8,773 | | Insurance Loss Reserves Activity | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:---------------------------------|:--------------------------------|:---------------------------------| | Balance at beginning of period | $7,451 | $5,582 | | Net incurred losses | $7,975 | $5,982 | | Net claim payments | $(7,078) | $(4,834) | | Balance at end of period | $8,348 | $6,730 | Note 14. Commitments and Contingencies The company has various commitments and contingencies, including repurchase agreements, construction loan commitments, and representations and warranties on mortgages sold. A previously disclosed SEC investigation is ongoing, but not expected to have a material adverse effect - Maximum liability under repurchase agreements was $80.9 million at July 3, 2021, with a reserve of $2.3 million[50] | Construction Loan Commitments | July 3, 2021 | April 3, 2021 | |:------------------------------|:-------------|:--------------| | Contract amount | $28,204 | $37,628 | | Cumulative advances | $(10,479) | $(13,801) | | Off-balance sheet commitment | $17,725 | $23,827 | - An SEC investigation regarding securities trading by the former CEO is ongoing, with a Wells Notice issued in November 2020, but the company does not expect a material adverse effect on its financial statements[56] Note 15. Stockholders' Equity Stockholders' equity increased, primarily driven by net income, partially offset by common stock repurchases | Equity Component | Balance, April 3, 2021 | Net Income | Stock Repurchases | Balance, July 3, 2021 | |:-----------------------------|:-----------------------|:-----------|:------------------|:----------------------| | Common Stock Amount | $92 | — | — | $92 | | Treasury Stock | $(1,441) | — | $(12,842) | $(14,283) | | Additional Paid-in Capital | $253,835 | — | — | $255,071 | | Retained Earnings | $431,057 | $27,046 | — | $458,103 | | Accumulated Other Comp. Income | $97 | — | — | $84 | | Total Stockholders' Equity | $683,640 | $27,046 | $(12,842) | $699,067 | Note 16. Earnings Per Share Basic and diluted earnings per share increased significantly year-over-year, reflecting higher net income | Metric | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:-----------------------------|:--------------------------------|:---------------------------------| | Net Income | $27,046 | $16,674 | | Basic Weighted Average Shares | 9,198,229 | 9,174,182 | | Diluted Weighted Average Shares | 9,276,529 | 9,264,661 | | Basic EPS | $2.94 | $1.82 | | Diluted EPS | $2.92 | $1.80 | Note 17. Fair Value Measurements The fair value of financial instruments, including investments and loans, is disclosed, along with details on mortgage servicing rights (MSRs) | Financial Instrument | July 3, 2021 Book Value | July 3, 2021 Estimated Fair Value | |:-----------------------------|:------------------------|:----------------------------------| | Available-for-sale debt securities | $17,962 | $17,962 | | Marketable equity securities | $17,550 | $17,550 | | Non-marketable equity investments | $22,429 | $22,429 | | Consumer loans receivable | $67,524 | $76,466 | | Commercial loans receivable | $44,588 | $42,586 | | Secured financings other | $(11,749) | $(11,810) | | Mortgage Servicing Rights (MSRs) | July 3, 2021 | April 3, 2021 | |:---------------------------------|:-------------|:--------------| | Number of loans serviced | 4,614 | 4,647 | | Serviced portfolio with MSRs | $594,373 | $593,939 | | MSRs | $1,354 | $916 | Note 18. Related Party Transactions The company engages in sales and lending activities with related parties, including non-marketable equity investments in other distribution operations | Related Party Transactions | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | |:---------------------------|:--------------------------------|:---------------------------------| | Total sales to related parties | $14.8 million | $12.7 million | - As of July 3, 2021, receivables from related parties included $4.3 million in accounts receivable and $6.8 million in commercial loans outstanding[65] Note 19. Business Segment Information Both factory-built housing and financial services segments showed increased net revenue, with factory-built housing significantly contributing to the overall income before income taxes | Segment | Net Revenue (July 3, 2021) | Net Revenue (June 27, 2020) | Income Before Tax (July 3, 2021) | Income Before Tax (June 27, 2020) | |:------------------------|:---------------------------|:----------------------------|:---------------------------------|:----------------------------------| | Factory-built housing | $312,283 | $238,090 | $33,559 | $18,450 | | Financial services | $18,139 | $16,711 | $1,919 | $3,230 | | Total | $330,422 | $254,801 | $35,478 | $21,680 | Note 20. Subsequent Event Cavco Industries entered into an agreement to acquire The Commodore Corporation for $153 million, expected to close in Q3 FY2022, expanding its manufacturing and retail footprint - On July 23, 2021, Cavco agreed to acquire The Commodore Corporation, the largest private independent builder of manufactured and modular housing in the U.S[67] - The purchase price is $153 million, with an estimated cash outlay of $140 million, to be funded entirely with cash on hand[68] - Commodore generated approximately $258 million in net sales and sold over 3,700 homes in the last 12 months ended March 31, 2021[67] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance, operational challenges, and strategic outlook for the quarter. It highlights strong sales order activity, increased backlog, and the impact of material cost inflation and labor shortages, while maintaining a solid liquidity position Forward-Looking Statements This section highlights the inherent uncertainties and risks associated with forward-looking statements within the report - The report contains forward-looking statements characterized by words like 'believes,' 'estimates,' 'expects,' and 'projects,' which involve risks and uncertainties that may cause actual results to differ materially[70][71] Introduction This section serves as an introductory guide to the management's discussion and analysis, emphasizing its connection to the consolidated financial statements - This section should be read in conjunction with the Consolidated Financial Statements and related Notes in Item 1[72] Company Overview This section describes Cavco Industries, Inc.'s core business operations, including its factory-built housing products and financial services subsidiaries - Cavco Industries, Inc. designs and produces factory-built housing products, including manufactured homes, modular homes, and park model RVs, distributed through independent and company-owned retailers[73] - The company operates 20 homebuilding production lines across the U.S. and has financial services subsidiaries, CountryPlace Acceptance Corp. (finance) and Standard Casualty Company (insurance)[73][75] Company and Industry Outlook This section provides insights into industry trends, the company's sales performance, backlog growth, and operational challenges related to labor and supply chain - Industry home shipments increased 14.9% for the first five months of calendar year 2021, despite COVID-19 impacts[76] - Sales order activity was nearly 50% higher than the prior year, leading to a backlog of $792 million at July 3, 2021, up 404.5% from June 27, 2020[85] - Operational efficiencies declined due to hiring challenges, unpredictable employee absenteeism, and building material supply shortages, resulting in approximately 75% plant capacity utilization[84] - The company faces challenges in recruiting and retaining a qualified workforce to meet increased demand, despite competitive compensation and training programs[87] Results of Operations This section analyzes the company's financial performance, detailing revenue, gross profit, and operating expenses across its business segments | Metric | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | Change ($) | Change (%) | |:-----------------------------------------|:--------------------------------|:---------------------------------|:-----------|:-----------| | Net Revenue - Factory-built housing | $312,283 | $238,090 | $74,193 | 31.2% | | Net Revenue - Financial services | $18,139 | $16,711 | $1,428 | 8.5% | | Total Net Revenue | $330,422 | $254,801 | $75,621 | 29.7% | | Factory-built homes sold | 3,700 | 3,349 | 351 | 10.5% | | Net factory-built housing revenue per home sold | $84,401 | $71,093 | $13,308 | 18.7% | | Metric | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | Change ($) | Change (%) | |:-----------------------------------------|:--------------------------------|:---------------------------------|:-----------|:-----------| | Gross Profit - Factory-built housing | $66,273 | $46,992 | $19,281 | 41.0% | | Gross Profit - Financial services | $7,740 | $8,331 | $(591) | (7.1)% | | Total Gross Profit | $74,013 | $55,323 | $18,690 | 33.8% | | Consolidated Gross Profit % of Net Revenue | 22.4% | 21.7% | N/A | 0.7% | | Factory-built housing Gross Profit % of Net Revenue | 21.2% | 19.7% | N/A | 1.5% | | Financial services Gross Profit % of Net Revenue | 42.7% | 49.9% | N/A | (7.2)% | | Metric | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | Change ($) | Change (%) | |:-----------------------------------------|:--------------------------------|:---------------------------------|:-----------|:-----------| | SG&A - Factory-built housing | $35,497 | $30,737 | $4,760 | 15.5% | | SG&A - Financial services | $5,335 | $4,586 | $749 | 16.3% | | Total SG&A | $40,832 | $35,323 | $5,509 | 15.6% | | SG&A % of Net Revenue | 12.4% | 13.9% | N/A | (1.5)% | - Other income, net increased by 31.2% to $2,461 thousand, driven by higher interest income from larger cash and commercial loan receivables[98][101] - Income tax expense increased by 68.4% to $8,432 thousand, with the effective tax rate rising to 23.8%[98] Liquidity and Capital Resources This section assesses the company's ability to meet its financial obligations and fund future growth, focusing on cash flow and capital management - The company believes its cash and cash equivalents, along with cash flow from operations, will be sufficient to fund operations and growth for the foreseeable future[102] | Cash Flow Summary | Three Months Ended July 3, 2021 | Three Months Ended June 27, 2020 | Change ($) | |:-------------------------------------------------|:--------------------------------|:---------------------------------|:-----------| | Cash, cash equivalents and restricted cash at beginning of fiscal year | $339,307 | $255,607 | $83,700 | | Net cash provided by operating activities | $24,275 | $35,692 | $(11,417) | | Net cash (used in) provided by investing activities | $(3,616) | $105 | $(3,721) | | Net cash used in financing activities | $(13,150) | $(922) | $(12,228) | | Cash, cash equivalents and restricted cash at end of period | $346,816 | $290,482 | $56,334 | - Net cash provided by operating activities decreased due to rising material costs and higher purchases, partially offset by increased consumer loan sales proceeds[106] - Net cash used in financing activities was primarily for common stock repurchases[109] Critical Accounting Policies This section confirms that there have been no significant changes to the company's critical accounting policies during the reported quarter - There have been no significant changes to critical accounting policies during the three months ended July 3, 2021[112] Other Matters This section refers to disclosures regarding related party transactions and off-balance sheet arrangements found in other notes to the financial statements - Related party transactions and off-balance sheet arrangements are discussed in Notes 18 and 14, respectively[113][114] Item 3. Quantitative and Qualitative Disclosures About Market Risk There have been no material changes to the company's quantitative and qualitative disclosures about market risk since the last Annual Report on Form 10-K - No material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K[114] Item 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of July 3, 2021, with no material changes in internal control over financial reporting during the quarter - The Company's President and CEO and Principal Financial Officer concluded that disclosure controls and procedures were effective as of July 3, 2021[116] - There have been no material changes in internal control over financial reporting during the fiscal quarter ended July 3, 2021[117] PART II. OTHER INFORMATION Item 1. Legal Proceedings Information regarding legal proceedings is incorporated by reference from Note 14 to the Consolidated Financial Statements - Legal proceedings information is detailed under the 'Legal Matters' caption in Note 14 to the Consolidated Financial Statements[120] Item 1A. Risk Factors Readers should consider the risk factors discussed in the company's 2021 Annual Report on Form 10-K, as additional unknown risks may also materially affect the business - Readers should carefully consider the risk factors discussed in Part I, Item 1A of the 2021 Annual Report on Form 10-K[121] - Additional risks and uncertainties not currently known or deemed immaterial may also adversely affect the business[121] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company repurchased 61,301 shares of common stock during the first fiscal quarter of 2022 under its $100 million stock repurchase program, with $85.7 million remaining authorized - The Board of Directors approved a $100 million stock repurchase program on October 27, 2020[122] | Period | Total Shares Purchased | Average Price Paid Per Share | |:---------------------------|:-----------------------|:-----------------------------| | April 4, 2021 to May 8, 2021 | 32,984 | $212.87 | | May 9, 2021 to June 5, 2021 | 28,317 | $205.56 | | June 6, 2021 to July 3, 2021 | — | — | | Total | 61,301 | | - As of July 3, 2021, $85,717 thousand may yet be purchased under the program[122] Item 5. Other Information No other information required to be disclosed under this item was not previously disclosed - There is no other information required to be disclosed under this item which was not previously disclosed[123] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including certifications, XBRL taxonomy documents, and the cover page interactive data file | Exhibit No. | Exhibit | |:------------|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 31.1 | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a) | | 31.2 | Certification of Principal Financial and Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Rule 13a-14(a)/15d-14(a) | | 32 | Certification Pursuant to 18 U.S.C. 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | 101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | SIGNATURES This section formally attests to the accuracy and completeness of the report, signed by key executive officers - The report was signed by William C. Boor, Director, President and Chief Executive Officer, and Paul Bigbee, Chief Accounting Officer, on August 6, 2021[129]