Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 48

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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's cash flows for the nine months ended December 28, 2024 and December 30, 2023, respectively:

Nine Months Ended(in thousands)December 28,2024December 30,2023$ ChangeCash, cash equivalents and restricted cash at beginning of the fiscal year$368,753 $283,490 $85,263 Net cash provided by operating activities139,851 206,104 (66,253)Net cash used in investing activities(13,976)(26,543)12,567 Net cash used in financing activities(116,002)(96,443)(19,559)Cash, cash equivalents and restricted cash at end of the period$378,626 $366,608 $12,018 

Net cash provided by operating activities decreased primarily from increases in working capital, primarily from increases in Inventory and Accounts receivable. This was partially offset by higher Net income and changes in Accounts payable, accrued expenses due primarily to increased customer deposits and volume rebates due to customers.

Consumer loan originations decreased $20.1 million to $54.2 million for the nine months ended December 28, 2024 from $74.3 million for the nine months ended December 30, 2023, and proceeds from sales of consumer loans decreased $77.3 million to $4.4 million for the nine months ended December 28, 2024 from $81.8 million for the nine months ended December 30, 2023.

Commercial loan originations increased $4.0 million to $87.5 million for the nine months ended December 28, 2024 from $83.5 million for the nine months ended December 30, 2023. Proceeds from the collection on commercial loans provided $85.0 million this year, compared to $87.6 million in the prior year, a net decrease of $2.6 million.

The change in Net cash used in investing activities is primarily due to the prior year period including payments for acquisitions that did not repeat in the current year. 

The change in Net cash used in financing activities was primarily due to the repurchase of more shares of common stock and at a higher average daily stock price.

Obligations and Commitments. There were no material changes to the obligations and commitments as set forth in the Form 10-K.

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates during the nine months ended December 28,