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CVCO Cavco Industries

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. Cavco Industries is one of the largest producers of manufactured homes in the United States, based on reported wholesale shipments and marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle and Destiny. The company is also a leading producer of park model RVs, vacation cabins and systems-built commercial structures, as well as modular homes. Cavco's finance subsidiary, Country Place Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Its insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Company profile

Ticker
CVCO
Exchange
Website
CEO
William C. Boor
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CAVCO INDUSTRIES INC
SEC CIK
IRS number
860214910

CVCO stock data

(
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Calendar

27 May 21
31 Jul 21
2 May 22
Quarter (USD)
Apr 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Apr 21 Mar 20 Mar 19 Mar 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 339.31M 339.31M 339.31M 339.31M 339.31M 339.31M
Cash burn (monthly) 439K (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 1.72M n/a n/a n/a n/a n/a
Cash remaining 337.59M n/a n/a n/a n/a n/a
Runway (months of cash) 769.0 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Jun 21 Boor William C Common Stock Grant Aquire A No No 0 1,150 0 10,440
24 May 21 Matthew A Nino Common Stock Grant Aquire A No No 0 250 0 250
24 May 21 Like Steven K. Common Stock Grant Aquire A No No 0 300 0 3,114

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

91.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 186 191 -2.6%
Opened positions 19 20 -5.0%
Closed positions 24 28 -14.3%
Increased positions 59 77 -23.4%
Reduced positions 78 66 +18.2%
13F shares
Current Prev Q Change
Total value 2.55B 1.47B +73.2%
Total shares 8.38M 8.39M -0.1%
Total puts 8.8K 2.5K +252.0%
Total calls 10.4K 0 NEW
Total put/call ratio 0.8 Infinity NaN%
Largest owners
Shares Value Change
BLK Blackrock 1.47M $330.86M +3.5%
TROW T. Rowe Price 916.86K $206.85M +2.6%
Vanguard 731.2K $164.97M +2.3%
Wellington Management 710K $160.18M +2.8%
Dimensional Fund Advisors 379.09K $85.53M -6.1%
STT State Street 303.1K $68.38M -0.4%
Broad Bay Capital Management 297K $67.01M -10.0%
GBL Gamco Investors 236.76K $53.42M -3.4%
GW&K Investment Management 215.72K $48.67M +12.4%
Schroder Investment Management 188.25K $42.47M +30.1%
Largest transactions
Shares Bought/sold Change
Boston Trust Walden 135.17K +135.17K NEW
Norges Bank 0 -113K EXIT
BLK Blackrock 1.47M +49.41K +3.5%
SG Capital Management 50.8K -46.22K -47.6%
Schroder Investment Management 188.25K +43.55K +30.1%
Broad Bay Capital Management 297K -33K -10.0%
Waratah Capital Advisors 30.01K +30.01K NEW
Millennium Management 14.81K -26.86K -64.5%
Dimensional Fund Advisors 379.09K -24.77K -6.1%
GW&K Investment Management 215.72K +23.74K +12.4%

Financial report summary

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Risks
  • The impact of local or national emergencies, including the COVID-19 pandemic, can adversely affect our financial results, condition and prospects, including such impacts from state and federal regulatory action that restricts our ability to operate our business in the ordinary course and impacts on (i) customer demand and the availability of financing for our products, (ii) our supply chain and the availability of raw materials for the manufacture of our products, (iii) the availability of labor and the health and safety of our workforce and (iv) our liquidity and access to the capital markets
  • The Company's results of operations can be adversely affected by labor shortages and the pricing and availability of raw materials
  • 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
  • The Company's 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 the Company's business
  • The Company's participation in certain financing programs for the purchase of its products by industry distributors and consumers may expose the Company to additional risk of credit loss, which could adversely impact its liquidity and results of operations
  • The Company's 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
  • A write-off of all or part of the Company's goodwill could adversely affect its results of operations and financial condition
  • If the Company is unable to establish or maintain relationships with its independent distributors who sell the Company's homes, revenue could decline
  • The Company's business and operations are concentrated in certain geographic regions, which could be impacted by market declines
  • 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 the Company's deliveries and revenues
  • Tightened credit standards, curtailed lending activity by home-only lenders and increased government lending regulations continue to constrain the consumer financing market which could continue to restrict sales of the Company's homes
  • Availability of wholesale financing for industry distributors continues to be limited to a few floor plan lenders and lending limits may be reduced from time to time which can negatively affect distributor demand
  • The Company's operating results could be affected by market forces and declining housing demand
  • The cyclical and seasonal nature of the manufactured housing industry causes the Company's revenues and operating results to fluctuate, and we expect this cyclicality and seasonality to continue in the future
  • The manufactured housing industry is highly competitive, and increased competition may result in lower revenue
  • Deterioration in economic conditions and turmoil in financial markets could reduce the Company's earnings and financial condition
  • If the manufactured housing industry is not able to secure favorable local zoning ordinances, the Company's revenue could decline and its business could be adversely affected
  • The Company is subject to extensive regulation affecting the production and sale of manufactured housing, which could adversely affect its 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 the Company's financial performance
  • The loss of any of the Company's executive officers could reduce its ability to execute its business strategy and could have a material adverse effect on its business and results of operations
  • The Company has incurred net losses in certain prior periods and there can be no assurance that it will generate income in the future
  • The Company's liquidity and ability to raise capital may be limited
  • Certain provisions of the Company's organizational documents could delay or make more difficult a change in control of the Company
  • Volatility of stock price
Management Discussion
  • ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This Annual Report includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. In general, all statements included or incorporated in this Annual Report that are not historical in nature are forward-looking. These may include statements about the Company's plans, strategies and prospects under the headings "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements are often characterized by the use of words such as "believes," "estimates," "expects," "projects," "may," "will," "intends," "plans," or "anticipates," or by discussions of strategy, plans or intentions. Forward-looking statements are typically included, for example, in discussions regarding the manufactured housing and site-built housing industries; our financial performance and operating results; the expected effect of certain risks and uncertainties on our business, financial condition and results of operations; economic conditions and consumer confidence; operational and legal risks; how we may be affected by the COVID-19 pandemic, governmental regulations and legal proceedings; the availability of favorable consumer and wholesale manufactured home financing, market interest rates and Company investments; and the ultimate outcome of our commitments and contingencies.
  • Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, many of which are beyond our control. To the extent that our assumptions and expectations differ from actual results, our ability to meet such forward-looking statements, including the ability to generate positive cash flow from operations, may be significantly hindered. Factors that could affect our results and cause them to materially differ from those contained in the forward-looking statements include, without limitation, those discussed under Item 1A, "Risk Factors," and elsewhere in this Annual Report. We expressly disclaim any obligation to update any forward-looking statements contained in this Annual Report, whether as a result of new information, future events or otherwise. For all of these reasons, you should not place undue reliance on any such forward-looking statements included in this Annual Report.
Content analysis
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