Company profile

Ticker
CVCO
Exchange
Website
CEO
William C. Boor
Employees
Incorporated in
Location
Fiscal year end
Industry (SEC)
Former names
Cavco Industries Inc
SEC CIK
IRS number
860214910

CVCO stock data

(
)

Calendar

30 Oct 19
25 Jan 20
28 Mar 20

News

Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Revenue 268.68M 264.04M 241.11M 233.7M
Net income 20.89M 21.28M 19.97M 13.38M
Diluted EPS 2.25 2.31 2.17 1.44
Net profit margin 7.77% 8.06% 8.28% 5.73%
Operating income 22.38M 25.03M 24.31M 18.19M
Net change in cash -9.34M 12.45M -5.5M -2.62M
Cash on hand 190.48M 199.82M 187.37M 192.87M
Cost of revenue 210.21M 203.74M 185.32M 184.68M

Financial data from company earnings reports

93.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 194 186 +4.3%
Opened positions 27 40 -32.5%
Closed positions 19 29 -34.5%
Increased positions 80 75 +6.7%
Reduced positions 57 49 +16.3%
13F shares
Current Prev Q Change
Total value 3.26B 2.34B +39.4%
Total shares 8.49M 8.47M +0.2%
Total puts 1.6K 21.5K -92.6%
Total calls 38.1K 29.2K +30.5%
Total put/call ratio 0.0 0.7 -94.3%
Largest owners
Shares Value Change
BLK BlackRock 1.34M $256.65M +0.2%
N Price T Rowe Associates 995.72K $191.27M +16.1%
Vanguard 736.85K $141.54M +1.0%
Dimensional Fund Advisors 472.05K $90.67M -0.3%
Wellington Management 351.93K $67.6M +4.4%
STT State Street 282.32K $54.23M +0.4%
GBL Gamco Investors, Inc. Et Al 274.29K $52.69M -2.8%
BK Bank Of New York Mellon 232.59K $44.68M +4.5%
GW&K Investment Management 187.6K $36.04M +13.7%
Capital World Investors 170.87K $32.82M 0.0%
Largest transactions
Shares Bought/sold Change
N Price T Rowe Associates 995.72K +137.87K +16.1%
Nuveen Asset Management 61.76K -79.36K -56.2%
FMR 155.71K -71.88K -31.6%
Broad Bay Capital Management 164K +47.5K +40.8%
PNC The PNC Financial Services Group Inc 38.09K -40.59K -51.6%
Renaissance Technologies 120.42K -36.99K -23.5%
WFC Wells Fargo & Co. 63.04K -33.31K -34.6%
Russell Investments 73.67K +30.15K +69.3%
JPM JPMorgan Chase & Co. 2.82K -29.59K -91.3%
Gendell Jeffrey L 105.28K -24.35K -18.8%

Financial report summary

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Risks
  • The Company may not be able to successfully integrate past or future acquisitions to attain the anticipated benefits and such acquisitions may adversely impact the Company's liquidity
  • Our involvement in vertically integrated lines of business, including manufactured housing consumer finance, commercial finance and insurance, exposes the Company to certain risks
  • Information technology failures or cyber incidents could harm our business
  • Tightened credit standards, curtailed lending activity by home-only lenders and increased government lending regulations continue to constrained the consumer financing market which could continue to restrict sales of our homes
  • Availability of wholesale financing for industry distributors continues to be limited to a few floor plan lenders and lending limits continue to be reduced which can negatively affect distributor demand
  • Our participation in certain financing programs for the purchase of our products by industry distributors and consumers may expose us to additional risk of credit loss, which could adversely impact the Company's liquidity and results of operations
  • Our results of operations could be adversely affected by significant warranty and construction defect claims on factory-built housing
  • The Company has contingent repurchase obligations related to wholesale financing provided to industry distributors
  • Our operating results could be affected by market forces and declining housing demand
  • The Company has incurred net losses in certain prior periods and there can be no assurance that we will generate income in the future
  • A write-off of all or part of our goodwill could adversely affect our results of operations and financial condition
  • The cyclical and seasonal nature of the manufactured housing industry causes our revenues and operating results to fluctuate, and we expect this cyclicality and seasonality to continue in the future
  • Our liquidity and ability to raise capital may be limited
  • The manufactured housing industry is highly competitive, and increased competition may result in lower revenue
  • If we are unable to establish or maintain relationships with independent distributors who sell our homes, our revenue could decline
  • Our business and operations are concentrated in certain geographic regions, which could be impacted by market declines
  • Our results of operations can be adversely affected by labor shortages and the pricing and availability of raw materials
  • If the manufactured housing industry is not able to secure favorable local zoning ordinances, our revenue could decline and our business could be adversely affected
  • The loss of any of our executive officers could reduce our ability to execute our business strategy and could have a material adverse effect on our business and results of operations
  • Certain provisions of our organizational documents could delay or make more difficult a change in control of our Company
  • Volatility of stock price
  • Deterioration in economic conditions and turmoil in financial markets could reduce our earnings and financial condition
  • A prolonged delay by Congress and the President to approve budgets or continuing appropriation resolutions to facilitate the operations of the federal government could delay the completion of home sales and/or cause cancellations, and thereby negatively impact our deliveries and revenues
  • The Company is subject to extensive regulation affecting the production and sale of manufactured housing, which could adversely affect our profitability
  • The Company may face risks related to the potential outcomes of the SEC subpoenas, including potential penalties, expense, the use of significant management time and attention, potential litigation or regulatory action and potential reputational damage that the Company may suffer as a result of the matters under investigation
  • Losses not covered by our Director and Officer ("D&O") insurance may be large, which could adversely impact our financial performance
Management Discussion
  • Net Revenue.
  • The increase in Net revenue from the factory-built housing segment for the three and six months ended September 28, 2019 compared to the same periods last year was from improved home sales volume and higher home selling prices. The results also include $6.4 million in revenue from the operations of Destiny Homes.
  • 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 ("Wholesale") and sales of homes to consumers by Company-owned retail centers ("Retail"). Wholesale sales prices are primarily comprised of the home and the cost to ship the home from a homebuilding facility to the home-site. Retail home prices include these items and retail markup, as well as items that are largely subject to home buyer discretion, including, but not limited to, installation, utility connections, site improvements, landscaping and additional services. Changes to the proportion of home sales among these distribution channels between reporting periods impacts the overall net revenue per home sold. For the six months ended September 28, 2019, the Company sold 6,064 homes Wholesale and 1,524 Retail versus 6,036 homes Wholesale and 1,387 homes Retail in the comparable prior year period. Further, fluctuations in net factory-built housing revenue per home sold are the result of changes in product mix, which results from home buyer tastes and preferences as they select home types/models, as well as optional home upgrades when purchasing the home. These selections vary regularly based on consumer interests, local housing preferences and economic circumstances. Our product prices are also periodically adjusted for the cost and availability of raw materials included in, and labor used to produce, each home. For these reasons, the Company has experienced, and expects to continue to experience, volatility in overall net factory-built housing revenue per home sold.
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