Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 71

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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32.3 %N/A(6.0)%

Factory-built housing Gross profit as a percentage of Net revenue for the three months increased due to lower input costs per unit and efficiencies gained on increased production, partially offset by lower average selling price. Gross profit housing in dollars for the nine months decreased due to lower average selling price, partially offset by lower input costs per unit.

Financial services Gross profit in dollars and as a percentage of Financial services Net revenue for the three months increased due to higher insurance premiums and lower claim losses. For the nine months, Gross profit in dollars and as a percentage of Net revenue decreased due to higher expenses from higher storm and fire activity, partially offset by higher insurance premiums.

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 Selling, General and Administrative Expenses

Three Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$60,409 $57,854 $2,555 4.4 %Financial services5,571 5,458 113 2.1 %$65,980 $63,312 $2,668 4.2 %Selling, general and administrative expenses as % of Net revenue12.6 %14.2 %N/A(1.6)% Nine Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$181,569 $170,330 $11,239 6.6 %Financial services16,259 16,168 91 0.6 %$197,828 $186,498 $11,330 6.1 %Selling, general and administrative expenses as % of Net revenue13.1 %13.6 %N/A(0.5)%

Factory-built housing Selling, general and administrative expenses increased for the three and nine months ended December 28, 2024 as a result of increases in variable compensation driven by higher incentive compensation in the third quarter and as a result of increases in compensation related to acquired retail locations for both periods. 

Financial services Selling, general and administrative expenses for the three months increased primarily due to increases in compensation year over year. For the nine months ended it was essentially flat.

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Other Components of Net Income

Three Months Ended($ in thousands)December 28,2024December 30,2023ChangeInterest income$5,353 $5,234 $119 2.3 %Interest expense(