Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 73

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 8
Chunk 73
---
 financing were not available, it could be necessary for us to reevaluate our long-term operating plans to make more efficient use of our existing capital resources at such time. The exact nature of any changes to our plans that would be considered depends on various factors, such as conditions in the factory-built housing industry and general economic conditions outside of our control.

State insurance regulations restrict the amount of dividends that can be paid to stockholders of insurance companies. As a result, the assets owned by our insurance subsidiary are generally not available to satisfy the claims of Cavco or its other subsidiaries. We believe that stockholders' equity at the insurance subsidiary remains sufficient and do not believe that the ability to pay ordinary dividends to Cavco at anticipated levels will be restricted per state regulations.

23

The following is a summary of the Company's cash flows for the nine months ended December 28, 2024 and December 30, 2023, respectively:

Nine Months Ended(in thousands)December 28,2024December 30,2023$ ChangeCash, cash equivalents and restricted cash at beginning of the fiscal year$368,753 $283,490 $85,263 Net cash provided by operating activities139,851 206,104 (66,253)Net cash used in investing activities(13,976)(26,543)12,567 Net cash used in financing activities(116,002)(96,443)(19,559)Cash, cash equivalents and restricted cash at end of the period$378,626 $366,608 $12,018 

Net cash provided by operating activities decreased primarily from increases in working capital, primarily from increases in Inventory and Accounts receivable. This was partially offset by higher Net income and changes in Accounts payable, accrued expenses due primarily to increased customer deposits and volume rebates due to customers.

Consumer loan originations decreased $20.1 million to $54.2 million for the nine months ended December 28, 2024 from $74.3 million for the nine months ended December 30, 2023, and proceeds from sales of consumer loans decreased $77.3 million to $4.4 million for the nine months ended December 28, 2024 from $81.8 million for the nine months ended December 30, 2023.

Commercial loan originations increased $4.0 million to $87.5 million for the nine months ended December 28, 2024 from $83.5 million for the nine months ended December