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

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 comprised 10% and 13%, respectively, of the net commercial loans receivable principal balance outstanding, all of which are secured.

8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):December 28,2024March 30,2024Salaries, wages and benefits$44,338 $38,125 Customer deposits39,795 40,856 Estimated warranties34,412 31,718 Unearned insurance premiums33,419 33,449 Accrued volume rebates30,481 21,167 Insurance loss reserves12,254 10,540 Accrued insurance12,226 14,124 Other52,209 49,757 $259,134 $239,736 

9

9. Warranties

Activity in the liability for estimated warranties was as follows (in thousands):Three Months EndedNine Months EndedDecember 28,2024December 30,2023December 28,2024December 30,2023Balance at beginning of period$33,081 $33,015 $31,718 $31,368 Charged to costs and expenses14,322 11,341 40,403 36,956 Payments and deductions(12,991)(11,534)(37,709)(35,502)Balance at end of period$34,412 $32,822 $34,412 $32,822 

10. Other Liabilities

The following table summarizes secured financings and other obligations (in thousands):December 28,2024March 30,2024Finance lease liabilities$6,106 $6,166 Other secured financing1,622 1,916 7,728 8,082 Less current portion included in Accrued expenses and other current liabilities(522)(323)$7,206 $7,759 

11. Debt

On November 12, 2024, the Company entered into that certain Amended and Restated Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), providing for a $75 million revolving credit facility (the "Revolving Credit Facility"), including a $10 million letter of credit sub-facility. The Revolving Credit Facility matures