Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 46

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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2024December 30,2023ChangeFactory-built housing$60,409 $57,854 $2,555 4.4 %Financial services5,571 5,458 113 2.1 %$65,980 $63,312 $2,668 4.2 %Selling, general and administrative expenses as % of Net revenue12.6 %14.2 %N/A(1.6)% Nine Months Ended($ in thousands)December 28,2024December 30,2023ChangeFactory-built housing$181,569 $170,330 $11,239 6.6 %Financial services16,259 16,168 91 0.6 %$197,828 $186,498 $11,330 6.1 %Selling, general and administrative expenses as % of Net revenue13.1 %13.6 %N/A(0.5)%

Factory-built housing Selling, general and administrative expenses increased for the three and nine months ended December 28, 2024 as a result of increases in variable compensation driven by higher incentive compensation in the third quarter and as a result of increases in compensation related to acquired retail locations for both periods. 

Financial services Selling, general and administrative expenses for the three months increased primarily due to increases in compensation year over year. For the nine months ended it was essentially flat.

22

Other Components of Net Income

Three Months Ended($ in thousands)December 28,2024December 30,2023ChangeInterest income$5,353 $5,234 $119 2.3 %Interest expense(155)(842)(687)(81.6)%Other income (expense), net168 (224)392 175.0 %Income tax expense(12,874)(7,920)4,954 62.6 %Effective tax rate18.6 %18.0 %N/A0.6 % Nine Months Ended($ in thousands)December 28,2024December 30,2023ChangeInterest income$16,556 $15,664 $892 5.7 %Interest expense(370)(1,365)(995)(72.9)%Other income, net315 557 (242)43.4 %Income tax expense(33,441)(32,274)1,167 3.6 %