Company: CVCO
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047849
Chunk: 66

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 the markets served. Availability of these inputs has not caused significant production halts in the current period, but we have experienced periodic shutdowns in other periods and shortages of primary building materials have caused production inefficiencies as we have needed to change processes in response to the delay in materials. These shortages may also result in extended order backlogs, delays in the delivery of homes and reduced gross margins from home sales.

Our backlog at September 27, 2025 was $210 million compared to $197 million at March 29, 2025, an increase of $13 million, and down $66 million compared to $276 million at September 28, 2024.

While it is difficult to predict the future of housing demand, employee availability, supply chain and Company performance and operations, maintaining an appropriately sized and well-trained workforce is key to meeting demand. We continually review the wage rates of our production employees and have established other monetary incentive and benefit programs, with a goal of providing competitive compensation. We are also working to more extensively use web-based recruiting tools, update our recruitment brochures and improve the appearance and appeal of our manufacturing facilities to improve the recruitment and retention of qualified production employees and reduce annualized turnover rates.

21

Results of Operations

Net Revenue

Three Months Ended($ in thousands, except revenue per home sold)September 27,2025September 28,2024ChangeFactory-built housing$535,117 $486,343 $48,774 10.0 %Financial services21,410 21,118 292 1.4 %$556,527 $507,461 $49,066 9.7 %Factory-built homes soldby Company-owned retail sales centers1,187 1,032 15515.0 %to independent retailers, builders, communities and developers3,991 3,881 110 2.8 %5,178 4,913 265 5.4 %Net factory-built housing revenue per home sold$103,344 $98,991 $4,353 4.4 % Six Months Ended ($ in thousands, except revenue per home sold)September 27,2025September 28,2024ChangeFactory-built housing$1,070,811 $944,391 $126,420 13.4 %Financial services42,573 40,669 1,904 4.7 %$1,113,384