Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 67

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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$985,060 $128,324 13.0 %Factory-built homes soldby Company-owned retail sales centers2,210 2,045 1658.1 %to independent retailers, builders, communities and developers8,384 7,589 795 10.5 %10,594 9,634 960 10.0 %Net factory-built housing revenue per home sold$101,077 $98,027 $3,050 3.1 %

Factory-built housing Net revenue increased for the three and six months ended September 27, 2025 due to higher home sales volume and an increase in Net revenue per home sold.

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 fluctuations in this metric.

For the three and six months ended September 27, 2025, Financial services Net revenue increased primarily due to higher insurance premiums.

22

Gross Profit

Three Months Ended($ in thousands)September 27,2025September 28,2024ChangeFactory-built housing$122,493 $111,520 $10,973 9.8 %Financial services11,914 4,602 7,312 158.9 %$134,407 $116,122 $18,285 15.7 %Gross profit as % of Net revenueConsolidated24.2 %22.9 %N/A1.3 %Factory-built housing22.9 %22.9 %N/A— %Financial services55.6 %21.8 %N/A33.8 % Six Months Ended($ in thousands)September 27,2025September