Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 44

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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830 1,350 6.8 %$522,040 $446,769 $75,271 16.8 %Factory-built homes soldby Company-owned retail sales centers1,075 1,026 494.8 %to independent retailers, builders, communities and developers3,984 3,134 850 27.1 %5,059 4,160 899 21.6 %Net factory-built housing revenue per home sold$99,004 $102,630 $(3,626)(3.5)% Nine Months Ended ($ in thousands, except revenue per home sold)December 28,2024December 30,2023ChangeFactory-built housing$1,445,251 $1,318,114 $127,137 9.6 %Financial services61,849 56,560 5,289 9.4 %$1,507,100 $1,374,674 $132,426 9.6 %Factory-built homes soldby Company-owned retail sales centers3,120 2,999 1214.0 %to independent retailers, builders, communities and developers11,573 9,991 1,582 15.8 %14,693 12,990 1,703 13.1 %Net factory-built housing revenue per home sold$98,363 $101,471 $(3,108)(3.1)%

Factory-built housing Net revenue increased for the three and nine months ended December 28, 2024 due to higher home sales volume, partially offset by a decrease in Net revenue per home sold primarily caused by a lower proportion of homes sold through our Company-owned stores.

Net factory-built housing revenue per home sold is a volatile metric dependent upon several factors. A primary factor is the price disparity between sales of homes to independent distributors, builders, communities and developers and sales of homes to consumers by Company-owned retail stores. Wholesale sales prices are primarily comprised of the home and the cost to ship the home from a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utility connections, site improvements, landscaping and additional services. Our homes are constructed in one or more floor sections ("modules") which are then installed on the customer's site. Changes in the