Company: CVCO
Filing Date: 2025-01-31
Form Type: 10-Q
Source: 0000278166-25-000007
Chunk: 4

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-01-31
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 retention of qualified production employees and reduce annualized turnover rates.

19

Results of Operations

Net Revenue

Three Months Ended($ in thousands, except revenue per home sold)December 28,2024December 30,2023ChangeFactory-built housing$500,860 $426,939 $73,921 17.3 %Financial services21,180 19,830 1,350 6.8 %$522,040 $446,769 $75,271 16.8 %Factory-built homes soldby Company-owned retail sales centers1,075 1,026 494.8 %to independent retailers, builders, communities and developers3,984 3,134 850 27.1 %5,059 4,160 899 21.6 %Net factory-built housing revenue per home sold$99,004 $102,630 $(3,626)(3.5)% Nine Months Ended ($ in thousands, except revenue per home sold)December 28,2024December 30,2023ChangeFactory-built housing$1,445,251 $1,318,114 $127,137 9.6 %Financial services61,849 56,560 5,289 9.4 %$1,507,100 $1,374,674 $132,426 9.6 %Factory-built homes soldby Company-owned retail sales centers3,120 2,999 1214.0 %to independent retailers, builders, communities and developers11,573 9,991 1,582 15.8 %14,693 12,990 1,703 13.1 %Net factory-built housing revenue per home sold$98,363 $101,471 $(3,108)(3.1)%

Factory-built housing Net revenue increased for the three and nine months ended December 28, 2024 due to higher home sales volume, partially offset by a decrease in Net revenue 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