Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 70

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 per home sold primarily caused by a lower proportion of homes sold through our Company-owned stores.

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 nine months ended December 28, 2024, Financial services Net revenue increased primarily due to higher insurance premiums.

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Gross Profit

Three Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$118,193 $95,756 $22,437 23.4 %Financial services11,757 7,295 4,462 61.2 %$129,950 $103,051 $26,899 26.1 %Gross profit as % of Net revenueConsolidated24.9 %23.1 %N/A1.8 %Factory-built housing23.6 %22.4 %N/A1.2 %Financial services55.5 %36.8 %N/A18.7 % Nine Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$333,223 $309,631 $23,592 7.6 %Financial services16,251 18,256 (2,005)(11.0)%$349,474 $327,887 $21,587 6.6 %Gross profit as % of Net revenueConsolidated23.2 %23.9 %N/A(0.7)%Factory-built housing23.1 %23.5 %N/A(0.4)%Financial services26.3 %