Company: CVCO
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000278166-25-000128
Chunk: 43

Company: CAVCO INDUSTRIES, INC.
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 43
---
 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 other 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 at anticipated levels will be restricted per state regulations.

20

The following is a summary of the Company's cash flows for the three months ended June 28, 2025 and June 29, 2024, respectively:

Three Months Ended(in thousands)June 28,2025June 29,2024$ ChangeCash, cash equivalents and restricted cash at beginning of the fiscal year$375,345 $368,753 $6,592 Net cash provided by operating activities55,523 47,393 8,130 Net cash used in investing activities(7,715)(5,349)(2,366)Net cash used in financing activities(54,729)(31,863)(22,866)Cash, cash equivalents and restricted cash at end of the period$368,424 $378,937 $(10,513)

Net cash provided by operating activities increased primarily from higher Net income, partially offset by changes in Accounts receivable and Inventory due to increased working capital needs on higher revenue and reduced cash provided by Accounts payable, accrued expenses and other liabilities compared to the prior year due largely to lower insurance loss reserves in the current period.

Consumer loan originations decreased $5.6 million to $15.2 million for the three months ended June 28, 2025 from $20.8 million for the three months ended June 29, 2024, and proceeds from consumer loans decreased 0.7 million to $13.8 million for the three months ended June 28, 2025 from $14.5 million for the three months ended June 29, 2024.

Commercial loan originations increased $15.6 million to $42.4 million for the three months ended June 28, 2025 from $26.8 million for the three months ended June 29, 2024. Proceeds from the collection on commercial loans provided $34.5 million this year, compared to $22.4 million in the prior year, a net increase of $12.1 million.

The change in Net cash used in investing activities is primarily due to an increase in cash paid for property plant and equipment in the current year.