Company: CVCO
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000278166-25-000057
Chunk: 46

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 7
Chunk 46
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34

Results of Operations

Fiscal Year 2025 Compared to Fiscal Year 2024

Net Revenue.

Net revenue consisted of the following for fiscal years 2025 and 2024, respectively:

 Year Ended ($ in thousands, except revenue per home sold)March 29,2025March 30,2024ChangeNet revenue:Factory-built housing$1,933,111 $1,716,607 $216,504 12.6 %Financial services82,347 78,185 4,162 5.3 %$2,015,458 $1,794,792 $220,666 12.3 %Total homes sold19,75316,9282,82516.7 %Net factory-built housing revenue per home sold$97,864 $101,406 $(3,542)(3.5)%

In the factory-built housing segment, the increase in Net revenue was primarily due to higher home sales volume of $286.5 million, partially offset by lower average selling prices of $70.0 million.

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 ("Wholesale") and sales of homes to consumers by Company-owned retail stores ("Retail"). 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, which include installation, utility connections, site improvements, landscaping and other additional services. Changes to the proportion of home sales among our distribution channels between reporting periods impacts the overall net revenue per home sold. For fiscal 2025, we sold 15,621 homes Wholesale and 4,132 Retail versus 13,047 homes Wholesale and 3,881 homes Retail in the prior year. Our homes are constructed in one or more floor sections ("modules") which are then installed on the customer's site. Fluctuations in net factory-built housing revenue per home sold are also partially the result of changes in the number of modules per home, the selection of different home types/models and optional home upgrades, creating changes in product mix. These selections vary regularly based on consumer interests, local housing preferences and economic circumstances. Product prices are also periodically adjusted for the cost and availability of raw materials included in