Company: CVCO
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000278166-25-000057
Chunk: 50

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 7
Chunk 50
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 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 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 will be restricted per state regulations.

The following is a summary of the Company's cash flows for fiscal years 2025 and 2024, respectively:

Year Ended($ in thousands)March 29,2025March 30,2024$ ChangeCash, cash equivalents and restricted cash at beginning of the fiscal year$368,753 $283,490 $85,263 Net cash provided by operating activities178,496 224,682 (46,186)Net cash used in investing activities(23,955)(31,709)7,754 Net cash used in financing activities(147,949)(107,710)(40,239)Cash, cash equivalents and restricted cash at end of the fiscal year$375,345 $368,753 $6,592 

Net cash provided by operating activities decreased primarily from increased working capital to support higher sales in our factory-built housing segment including an increase in accounts receivable which had a use of cash of $28.7 million and an increase in inventories that used $11.4 million of cash.

Consumer loan originations decreased $24.7 million to $66.1 million during the year ended March 29, 2025, from $90.8 million during the year ended March 30, 2024. Proceeds from the sale of consumer loans provided $51.1 million in cash, compared to $91.5 million in the previous year, a net decrease of $40.4 million.

Commercial loan originations increased $32.1 million to $143.4 million during the year ended March 29, 2025, from $111.2 million during the year ended March 30, 2024. Proceeds from the collection on commercial loans provided $135.1 million in cash, compared to $117.3 million in the previous year, a net increase of $17.8 million.

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Net cash used in