Company: CVCO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000278166-25-000128
Chunk: 62

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 million at June 29, 2024.

While it is difficult to predict the future of housing demand, employee availability, supply chain and Company performance and operations, maintaining an appropriately sized and well-trained workforce is key to meeting demand. We continually review the wage rates of our production employees and have established other monetary incentive and benefit programs, with a goal of providing competitive compensation. We are also working to more extensively use web-based recruiting tools, update our recruitment brochures and improve the appearance and appeal of our manufacturing facilities to improve the recruitment and retention of qualified production employees and reduce annualized turnover rates.

Results of Operations

Net Revenue

Three Months Ended($ in thousands, except revenue per home sold)June 28,2025June 29,2024ChangeFactory-built housing$535,694 $458,048 $77,646 17.0 %Financial services21,163 19,551 1,612 8.2 %$556,857 $477,599 $79,258 16.6 %Factory-built homes soldby Company-owned retail sales centers1,023 1,013 101.0 %to independent retailers, builders, communities and developers4,393 3,708 685 18.5 %5,416 4,721 695 14.7 %Net factory-built housing revenue per home sold$98,910 $97,024 $1,886 1.9 %

Factory-built housing Net revenue increased for the three months ended June 28, 2025 due to higher home sales volume and an increase in Net revenue per home sold.

18

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 number of modules per home, the selection of different home types/models and optional home upgrades create changes in product mix, also causing