Company: CVCO
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000278166-25-000057
Chunk: 47

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 7
Chunk 47
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, and labor used to produce, each home. For these reasons, we have experienced, and expect to continue to experience, volatility in overall net factory-built housing revenue per home sold. 

Financial services segment Net revenue increased 5.3% primarily due to $8.1 million from higher insurance premiums in the current year, partially offset by fewer loans sold by the finance subsidiary.

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Gross Profit. 

Gross profit consisted of the following for fiscal years 2025 and 2024, respectively:

 Year Ended($ in thousands)March 29,2025March 30,2024 ChangeGross profit:Factory-built housing$441,796 $398,919 $42,877 10.7 %Financial services23,795 27,983 (4,188)(15.0)%$465,591 $426,902 $38,689 9.1 %Gross profit as % of Net revenue:Consolidated23.1 %23.8 %N/A(0.7)%Factory-built housing22.9 %23.2 %N/A(0.3)%Financial services28.9 %35.8 %N/A(6.9)%

In the factory-built housing segment, Gross profit increased from higher home sales, partially offset by lower average selling prices. In the financial services segment, Gross profit decreased primarily due to higher weather related insurance claims and reduced revenue from loan sales.

Selling, General and Administrative Expenses. 

Selling, general and administrative expenses consisted of the following for fiscal years 2025 and 2024, respectively:

 Year Ended($ in thousands)March 29,2025March 30,2024ChangeSelling, general and administrative expenses:Factory-built housing$253,027 $226,267 $26,760 11.8 %Financial services22,288 21,653 635 2.9 %$275,315 $247,920 $27,395 11.0 %Selling, general and administrative expenses as % of Net revenue:13.7 %13.8 %N/A(0.1)%

Selling, general and administrative expenses related to factory-built housing increased as a result of a $10.0 million one-time, non-cash charge related to the adjustment of legacy indefinite lived trade names due to the unification of the Company's brand, $6