# Cavco Industries, Inc.: Form 10-Q for the period ended Jul 1, 2023

- Company: [Cavco Industries, Inc.](/companies/cvco.md) (CIK 278166)
- Form: 10-Q
- Filed: 2023-08-04
- Accepted by EDGAR: Aug 4, 2023, 16:14 ET
- Period: 2023-07-01
- Accession: 0000278166-23-000068
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/278166/000027816623000068/cvco-20230701.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/278166/000027816623000068/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2023-07-01.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Cost of revenue | 3 months, 2023-04-02 to 2023-07-01 | $358.0m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2023-04-02 to 2023-07-01 | $117.9m | us-gaap:GrossProfit |
| Selling, general and administrative | 3 months, 2023-04-02 to 2023-07-01 | $61.7m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2023-04-02 to 2023-07-01 | $56.2m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2023-04-02 to 2023-07-01 | $266.0k | us-gaap:InterestExpense |
| Income tax | 3 months, 2023-04-02 to 2023-07-01 | $14.3m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2023-04-02 to 2023-07-01 | $46.4m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2023-04-02 to 2023-07-01 | $5.29 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2023-04-02 to 2023-07-01 | $5.35 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2023-04-02 to 2023-07-01 | 8,758,080 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2023-04-02 to 2023-07-01 | $82.3m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2023-04-02 to 2023-07-01 | $4.2m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Share repurchases | 3 months, 2023-04-02 to 2023-07-01 | $0 | us-gaap:PaymentsForRepurchaseOfCommonStock |
| Cash and equivalents | at 2023-07-01 | $352.2m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2023-07-01 | $858.7m | us-gaap:AssetsCurrent |
| Total assets | at 2023-07-01 | $1.35bn | us-gaap:Assets |
| Current liabilities | at 2023-07-01 | $293.4m | us-gaap:LiabilitiesCurrent |
| Shareholders' equity | at 2023-07-01 | $1.02bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 1,092 characters.

### Issuer Purchases of Equity Securities

As announced on May 26, 2022 in a current report on Form 8-K, the Company's Board of Directors approved a $100 million stock repurchase program with the same terms and conditions as the previous plan. There were no repurchases during the fiscal quarter ended July 1, 2023 and $35.7 million remains available under this program.

On August 1, 2023, the Company's Board of Directors approved another $100 million stock repurchase program with the same terms and conditions as the previous plans. This increases the total amount available for repurchases to $135.7 million. The repurchase programs are funded using our available cash. Repurchases may be made in the open market or in privately negotiated transactions in compliance with applicable state and federal securities laws and other legal requirements. The level of repurchase activity is subject to market conditions and other investment opportunities. The repurchase programs do not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time.

## Market risk

As filed, 142 characters.

There have been no material changes from the quantitative and qualitative disclosures about market risk previously disclosed in the Form 10-K.

## Controls and procedures

As filed, 961 characters.

(a) Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of the Company's management, including its President and Chief Executive Officer and its Chief Financial Officer, of the effectiveness of its disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the Company's President and Chief Executive Officer and its Chief Financial Officer concluded that, as of July 1, 2023, its disclosure controls and procedures were effective.

(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the fiscal quarter ended July 1, 2023 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

## Risk factors

As filed, 551 characters.

In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, Item 1A, *Risk Factors*, in the Form 10-K, which could materially affect our business, financial condition or future results. The risks described in this Report and in the Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Filed Aug 4, 2023.
Source: SEC EDGAR, the filing index for accession 0000278166-23-000068. Last ingested by Listed: Oct 30, 2026, 16:31 ET. No prices; not investment advice.