☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 56-2405642 | |||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||
3636 North Central Ave, Ste 1200 | ||||||||||||||||
Phoenix | Arizona | 85012 | ||||||||||||||
(Address of principal executive offices, including zip code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 | CVCO | The Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Page | |||||
December 28, 2019 | March 30, 2019 | |||||||||||||||||
(Unaudited) | September 26, 2020 | March 28, 2020 | ||||||||||||||||
ASSETS | ASSETS | (Unaudited) | ||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 216,882 | $ | 187,370 | Cash and cash equivalents | $ | 312,243 | $ | 241,826 | |||||||||
Restricted cash, current | 13,026 | 12,148 | Restricted cash, current | 16,691 | 13,446 | |||||||||||||
Accounts receivable, net | 39,411 | 40,701 | Accounts receivable, net | 36,852 | 42,800 | |||||||||||||
Short-term investments | 13,945 | 12,620 | Short-term investments | 16,589 | 14,582 | |||||||||||||
Current portion of consumer loans receivable, net | 37,151 | 30,058 | Current portion of consumer loans receivable, net | 39,023 | 32,376 | |||||||||||||
Current portion of commercial loans receivable, net | 15,433 | 15,234 | Current portion of commercial loans receivable, net | 13,261 | 14,657 | |||||||||||||
Current portion of commercial loans receivable from affiliates, net | Current portion of commercial loans receivable from affiliates, net | 1,700 | 766 | |||||||||||||||
Inventories | 110,144 | 116,203 | Inventories | 111,872 | 113,535 | |||||||||||||
Assets held for sale | — | 3,061 | ||||||||||||||||
Prepaid expenses and other current assets | 55,994 | 44,654 | Prepaid expenses and other current assets | 49,193 | 42,197 | |||||||||||||
Total current assets | 501,986 | 462,049 | Total current assets | 597,424 | 516,185 | |||||||||||||
Restricted cash | 350 | 351 | Restricted cash | 335 | 335 | |||||||||||||
Investments | 31,229 | 32,137 | Investments | 30,278 | 31,557 | |||||||||||||
Consumer loans receivable, net | 52,841 | 56,727 | Consumer loans receivable, net | 42,817 | 49,928 | |||||||||||||
Commercial loans receivable, net | 28,924 | 27,772 | Commercial loans receivable, net | 20,946 | 23,685 | |||||||||||||
Commercial loans receivable from affiliates, net | Commercial loans receivable from affiliates, net | 5,571 | 7,457 | |||||||||||||||
Property, plant and equipment, net | 71,407 | 63,484 | Property, plant and equipment, net | 77,836 | 77,190 | |||||||||||||
Goodwill and other intangibles, net | 89,962 | 82,696 | ||||||||||||||||
Goodwill | Goodwill | 75,090 | 75,090 | |||||||||||||||
Other intangibles, net | Other intangibles, net | 14,736 | 15,110 | |||||||||||||||
Operating lease right-of-use assets | 10,710 | — | Operating lease right-of-use assets | 17,477 | 13,894 | |||||||||||||
Total assets | $ | 787,409 | $ | 725,216 | Total assets | $ | 882,510 | $ | 810,431 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||
Accounts payable | $ | 27,050 | $ | 29,305 | Accounts payable | $ | 32,919 | $ | 29,924 | |||||||||
Accrued liabilities | 132,878 | 125,181 | ||||||||||||||||
Current portion of securitized financings and other | 1,862 | 19,522 | ||||||||||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | 173,184 | 139,930 | |||||||||||||||
Current portion of secured credit facilities and other | Current portion of secured credit facilities and other | 2,118 | 2,248 | |||||||||||||||
Total current liabilities | 161,790 | 174,008 | Total current liabilities | 208,221 | 172,102 | |||||||||||||
Operating lease liabilities | 7,795 | — | Operating lease liabilities | 14,602 | 10,743 | |||||||||||||
Secured credit facilities and other | Secured credit facilities and other | 11,933 | 12,705 | |||||||||||||||
Deferred income taxes | 8,439 | 7,002 | Deferred income taxes | 7,066 | 7,295 | |||||||||||||
Securitized financings and other | 14,125 | 14,618 | ||||||||||||||||
Stockholders' equity: | Stockholders' equity: | |||||||||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding | — | — | ||||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Outstanding 9,141,191 and 9,098,320 shares, respectively | 91 | 91 | ||||||||||||||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; NaN shares issued or outstanding | Preferred stock, $0.01 par value; 1,000,000 shares authorized; NaN shares issued or outstanding | 0 | 0 | |||||||||||||||
Common stock, $0.01 par value; 40,000,000 shares authorized; Outstanding 9,188,162 and 9,173,242 shares, respectively | Common stock, $0.01 par value; 40,000,000 shares authorized; Outstanding 9,188,162 and 9,173,242 shares, respectively | 92 | 92 | |||||||||||||||
Additional paid-in capital | 251,941 | 249,447 | Additional paid-in capital | 254,297 | 252,260 | |||||||||||||
Retained earnings | 343,143 | 280,078 | Retained earnings | 386,134 | 355,144 | |||||||||||||
Accumulated other comprehensive income (loss) | 85 | (28 | ) | |||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 165 | 90 | |||||||||||||||
Total stockholders' equity | 595,260 | 529,588 | Total stockholders' equity | 640,688 | 607,586 | |||||||||||||
Total liabilities and stockholders' equity | $ | 787,409 | $ | 725,216 | Total liabilities and stockholders' equity | $ | 882,510 | $ | 810,431 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue | $ | 257,976 | $ | 268,675 | $ | 512,777 | $ | 532,717 | |||||||||||||||
Cost of sales | 204,435 | 210,208 | 403,913 | 413,952 | |||||||||||||||||||
Gross profit | 53,541 | 58,467 | 108,864 | 118,765 | |||||||||||||||||||
Selling, general and administrative expenses | 35,453 | 36,083 | 70,776 | 71,347 | |||||||||||||||||||
Income from operations | 18,088 | 22,384 | 38,088 | 47,418 | |||||||||||||||||||
Interest expense | (194) | (302) | (390) | (788) | |||||||||||||||||||
Other income, net | 1,702 | 5,173 | 3,578 | 7,987 | |||||||||||||||||||
Income before income taxes | 19,596 | 27,255 | 41,276 | 54,617 | |||||||||||||||||||
Income tax expense | (4,547) | (6,370) | (9,553) | (12,450) | |||||||||||||||||||
Net income | $ | 15,049 | $ | 20,885 | $ | 31,723 | $ | 42,167 | |||||||||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | $ | 15,049 | $ | 20,885 | $ | 31,723 | $ | 42,167 | |||||||||||||||
Reclassification adjustment for securities sold or matured | 7 | 0 | 33 | 2 | |||||||||||||||||||
Applicable income taxes | (2) | 0 | (7) | (1) | |||||||||||||||||||
Net change in unrealized position of investments held | 3 | 29 | 62 | 140 | |||||||||||||||||||
Applicable income taxes | (1) | (6) | (13) | (29) | |||||||||||||||||||
Comprehensive income | $ | 15,056 | $ | 20,908 | $ | 31,798 | $ | 42,279 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 1.64 | $ | 2.29 | $ | 3.46 | $ | 4.63 | |||||||||||||||
Diluted | $ | 1.62 | $ | 2.25 | $ | 3.42 | $ | 4.56 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 9,182,945 | 9,119,835 | 9,178,609 | 9,111,260 | |||||||||||||||||||
Diluted | 9,295,409 | 9,266,085 | 9,280,080 | 9,241,834 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Net revenue | $ | 273,722 | $ | 233,700 | $ | 806,439 | $ | 721,633 | |||||||
Cost of sales | 213,867 | 184,679 | 627,819 | 571,720 | |||||||||||
Gross profit | 59,855 | 49,021 | 178,620 | 149,913 | |||||||||||
Selling, general and administrative expenses | 36,844 | 30,833 | 108,191 | 90,081 | |||||||||||
Income from operations | 23,011 | 18,188 | 70,429 | 59,832 | |||||||||||
Interest expense | (490 | ) | (923 | ) | (1,278 | ) | (2,836 | ) | |||||||
Other income, net | 2,211 | (318 | ) | 10,198 | 3,604 | ||||||||||
Income before income taxes | 24,732 | 16,947 | 79,349 | 60,600 | |||||||||||
Income tax expense | (3,834 | ) | (3,563 | ) | (16,284 | ) | (11,949 | ) | |||||||
Net income | $ | 20,898 | $ | 13,384 | $ | 63,065 | $ | 48,651 | |||||||
Comprehensive income: | |||||||||||||||
Net income | $ | 20,898 | $ | 13,384 | $ | 63,065 | $ | 48,651 | |||||||
Reclassification adjustment for securities sold or matured | 15 | 14 | 17 | 38 | |||||||||||
Applicable income taxes | (3 | ) | (3 | ) | (4 | ) | (8 | ) | |||||||
Net change in unrealized position of investments held | (14 | ) | 62 | 126 | 11 | ||||||||||
Applicable income taxes | 3 | (13 | ) | (26 | ) | (2 | ) | ||||||||
Comprehensive income | $ | 20,899 | $ | 13,444 | $ | 63,178 | $ | 48,690 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 2.29 | $ | 1.47 | $ | 6.91 | $ | 5.36 | |||||||
Diluted | $ | 2.25 | $ | 1.44 | $ | 6.81 | $ | 5.24 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 9,138,202 | 9,097,993 | 9,120,241 | 9,075,156 | |||||||||||
Diluted | 9,293,941 | 9,270,220 | 9,259,203 | 9,282,178 |
Nine Months Ended | Six Months Ended | |||||||||||||||||
December 28, 2019 | December 29, 2018 | September 26, 2020 | September 28, 2019 | |||||||||||||||
OPERATING ACTIVITIES | OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 63,065 | $ | 48,651 | Net income | $ | 31,723 | $ | 42,167 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 4,208 | 3,468 | Depreciation and amortization | 3,182 | 2,648 | |||||||||||||
Provision for credit losses | 138 | 500 | Provision for credit losses | 223 | 30 | |||||||||||||
Deferred income taxes | 1,407 | (732 | ) | Deferred income taxes | (18) | 1,011 | ||||||||||||
Stock-based compensation expense | 2,268 | 2,936 | Stock-based compensation expense | 2,048 | 1,448 | |||||||||||||
Non-cash interest income, net | (1,134 | ) | (660 | ) | Non-cash interest income, net | (2,596) | (694) | |||||||||||
Gain on sale of property, plant and equipment, net | (3,416 | ) | (39 | ) | ||||||||||||||
Loss (gain) on sale or retirement of property, plant and equipment, net | Loss (gain) on sale or retirement of property, plant and equipment, net | 242 | (3,370) | |||||||||||||||
Gain on investments and sale of loans, net | (11,801 | ) | (5,200 | ) | Gain on investments and sale of loans, net | (9,597) | (7,683) | |||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | 2,196 | (863 | ) | Accounts receivable | 5,948 | (3,300) | ||||||||||||
Consumer loans receivable originated | (121,637 | ) | (98,692 | ) | Consumer loans receivable originated | (82,352) | (80,259) | |||||||||||
Proceeds from sales of consumer loans | 117,127 | 96,679 | Proceeds from sales of consumer loans | 80,589 | 77,182 | |||||||||||||
Principal payments on consumer loans receivable | 7,816 | 9,681 | ||||||||||||||||
Principal payments received on consumer loans receivable | Principal payments received on consumer loans receivable | 6,974 | 4,759 | |||||||||||||||
Inventories | 11,567 | (6,257 | ) | Inventories | 1,663 | 6,506 | ||||||||||||
Prepaid expenses and other current assets | (676 | ) | (9,248 | ) | Prepaid expenses and other current assets | 11,536 | 322 | |||||||||||
Commercial loans receivable | 487 | (20,556 | ) | Commercial loans receivable | 4,691 | (1,409) | ||||||||||||
Accounts payable and accrued liabilities | (3,295 | ) | (3,310 | ) | ||||||||||||||
Accounts payable and accrued expenses and other current liabilities | Accounts payable and accrued expenses and other current liabilities | 20,353 | 4,235 | |||||||||||||||
Net cash provided by operating activities | 68,320 | 16,358 | Net cash provided by operating activities | 74,609 | 43,593 | |||||||||||||
INVESTING ACTIVITIES | INVESTING ACTIVITIES | |||||||||||||||||
Purchases of property, plant and equipment | (6,487 | ) | (6,318 | ) | Purchases of property, plant and equipment | (3,773) | (3,944) | |||||||||||
Payments for Destiny Homes, net | (15,937 | ) | — | |||||||||||||||
Proceeds from sale of property, plant and equipment and assets held for sale | 73 | 110 | ||||||||||||||||
Payments for acquisition, net | Payments for acquisition, net | 0 | (15,937) | |||||||||||||||
Proceeds from sale of property, plant and equipment | Proceeds from sale of property, plant and equipment | 77 | 64 | |||||||||||||||
Purchases of investments | (4,648 | ) | (5,497 | ) | Purchases of investments | (4,440) | (2,751) | |||||||||||
Proceeds from sale of investments | 8,126 | 6,530 | Proceeds from sale of investments | 8,054 | 4,260 | |||||||||||||
Net cash used in investing activities | (18,873 | ) | (5,175 | ) | Net cash used in investing activities | (82) | (18,308) | |||||||||||
FINANCING ACTIVITIES | FINANCING ACTIVITIES | |||||||||||||||||
Proceeds (payments) from exercise of stock options | 226 | (114 | ) | |||||||||||||||
Payments for exercise of stock options | Payments for exercise of stock options | (11) | (311) | |||||||||||||||
Proceeds from secured financings and other | 76 | 392 | Proceeds from secured financings and other | 64 | 75 | |||||||||||||
Payments on securitized financings and other | (19,360 | ) | (6,112 | ) | Payments on securitized financings and other | (918) | (19,109) | |||||||||||
Net cash used in financing activities | (19,058 | ) | (5,834 | ) | Net cash used in financing activities | (865) | (19,345) | |||||||||||
Net increase in cash, cash equivalents and restricted cash | 30,389 | 5,349 | Net increase in cash, cash equivalents and restricted cash | 73,662 | 5,940 | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | 199,869 | 199,258 | Cash, cash equivalents and restricted cash at beginning of the fiscal year | 255,607 | 199,869 | |||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 230,258 | $ | 204,607 | Cash, cash equivalents and restricted cash at end of the period | $ | 329,269 | $ | 205,809 | |||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid for income taxes | $ | 15,901 | $ | 15,845 | Cash paid for income taxes | $ | 7,865 | $ | 13,073 | |||||||||
Cash paid for interest | $ | 604 | $ | 1,912 | Cash paid for interest | $ | 251 | $ | 473 | |||||||||
Supplemental disclosures of noncash activity: | Supplemental disclosures of noncash activity: | |||||||||||||||||
GNMA loans eligible for repurchase | GNMA loans eligible for repurchase | $ | 16,170 | $ | 704 | |||||||||||||
Right-of-use assets recognized | $ | 14,322 | $ | — | Right-of-use assets recognized | $ | 5,617 | $ | 13,464 | |||||||||
Operating lease obligations incurred | $ | 14,347 | $ | — | Operating lease obligations incurred | $ | 5,617 | $ | 13,489 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Factory-built housing | |||||||||||||||||||||||
U.S. Housing and Urban Development code homes | $ | 197,723 | $ | 207,556 | $ | 387,169 | $ | 410,035 | |||||||||||||||
Modular homes | 20,483 | 19,412 | 41,266 | 38,819 | |||||||||||||||||||
Park model RVs | 9,027 | 11,751 | 22,749 | 24,612 | |||||||||||||||||||
Other (1) | 13,734 | 13,971 | 27,873 | 27,992 | |||||||||||||||||||
Net revenue from factory-built housing | 240,967 | 252,690 | 479,057 | 501,458 | |||||||||||||||||||
Financial services | |||||||||||||||||||||||
Insurance agency commissions received from third-party insurance companies | 777 | 274 | 1,547 | 1,429 | |||||||||||||||||||
Other (2) | 16,232 | 15,711 | 32,173 | 29,830 | |||||||||||||||||||
Net revenue from financial services | 17,009 | 15,985 | 33,720 | 31,259 | |||||||||||||||||||
Total Net revenue | $ | 257,976 | $ | 268,675 | $ | 512,777 | $ | 532,717 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Factory-built housing | |||||||||||||||
U.S. Housing and Urban Development code homes | $ | 208,966 | $ | 174,068 | $ | 619,001 | $ | 545,071 | |||||||
Modular homes | 24,508 | 25,698 | 63,327 | 72,046 | |||||||||||
Park model RVs | 10,219 | 10,037 | 34,831 | 27,743 | |||||||||||
Other (1) | 13,413 | 10,539 | 41,405 | 35,338 | |||||||||||
Net revenue from factory-built housing | 257,106 | 220,342 | 758,564 | 680,198 | |||||||||||
Financial services | |||||||||||||||
Insurance agency commissions received from third-party insurance companies | 783 | 704 | 2,212 | 1,979 | |||||||||||
Other (2) | 15,833 | 12,654 | 45,663 | 39,456 | |||||||||||
Net revenue from financial services | 16,616 | 13,358 | 47,875 | 41,435 | |||||||||||
Total Net revenue | $ | 273,722 | $ | 233,700 | $ | 806,439 | $ | 721,633 |
December 28, 2019 | March 30, 2019 | ||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | 12,352 | $ | 10,426 | |||
Other restricted cash | 1,024 | 2,073 | |||||
$ | 13,376 | $ | 12,499 |
September 26, 2020 | March 28, 2020 | ||||||||||
Cash related to CountryPlace customer payments to be remitted to third parties | $ | 15,818 | $ | 12,740 | |||||||
Other restricted cash | 1,208 | 1,041 | |||||||||
$ | 17,026 | $ | 13,781 |
December 28, 2019 | March 30, 2019 | December 29, 2018 | March 31, 2018 | ||||||||||||
Cash and cash equivalents | $ | 216,882 | $ | 187,370 | $ | 192,869 | $ | 186,766 | |||||||
Restricted cash, current | 13,026 | 12,148 | 11,284 | 11,228 | |||||||||||
Restricted cash | 350 | 351 | 454 | 1,264 | |||||||||||
Cash, cash equivalents and restricted cash per statement of cash flows | $ | 230,258 | $ | 199,869 | $ | 204,607 | $ | 199,258 |
September 26, 2020 | March 28, 2020 | September 28, 2019 | March 30, 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | 312,243 | $ | 241,826 | $ | 190,478 | $ | 187,370 | |||||||||||||||
Restricted cash, current | 16,691 | 13,446 | 14,981 | 12,148 | |||||||||||||||||||
Restricted cash | 335 | 335 | 350 | 351 | |||||||||||||||||||
Cash, cash equivalents and restricted cash per statement of cash flows | $ | 329,269 | $ | 255,607 | $ | 205,809 | $ | 199,869 |
December 28, 2019 | March 30, 2019 | ||||||
Available-for-sale debt securities | $ | 10,391 | $ | 13,408 | |||
Marketable equity securities | 13,473 | 11,073 | |||||
Non-marketable equity investments | 21,310 | 20,276 | |||||
$ | 45,174 | $ | 44,757 |
September 26, 2020 | March 28, 2020 | ||||||||||
Available-for-sale debt securities | $ | 12,676 | $ | 14,774 | |||||||
Marketable equity securities | 12,791 | 9,829 | |||||||||
Non-marketable equity investments | 21,400 | 21,536 | |||||||||
46,867 | 46,139 | ||||||||||
Less current portion | (16,589) | (14,582) | |||||||||
$ | 30,278 | $ | 31,557 |
September 26, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 3,605 | $ | 55 | $ | (19) | $ | 3,641 | |||||||||||||||
State and political subdivision debt securities | 4,116 | 162 | 0 | 4,278 | |||||||||||||||||||
Corporate debt securities | 4,746 | 15 | (4) | 4,757 | |||||||||||||||||||
$ | 12,467 | $ | 232 | $ | (23) | $ | 12,676 |
December 28, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Residential mortgage-backed securities | $ | 5,267 | $ | 17 | $ | (48 | ) | $ | 5,236 | ||||||
State and political subdivision debt securities | 3,695 | 138 | (2 | ) | 3,831 | ||||||||||
Corporate debt securities | 1,321 | 4 | (1 | ) | 1,324 | ||||||||||
$ | 10,283 | $ | 159 | $ | (51 | ) | $ | 10,391 |
March 30, 2019 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Residential mortgage-backed securities | $ | 6,625 | $ | 3 | $ | (119 | ) | $ | 6,509 | ||||||
State and political subdivision debt securities | 4,883 | 117 | (17 | ) | 4,983 | ||||||||||
Corporate debt securities | 1,635 | 3 | (19 | ) | 1,619 | ||||||||||
U.S. Treasury and government debt securities | 300 | — | (3 | ) | 297 | ||||||||||
$ | 13,443 | $ | 123 | $ | (158 | ) | $ | 13,408 |
March 28, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
Residential mortgage-backed securities | $ | 5,400 | $ | 69 | $ | (26) | $ | 5,443 | |||||||||||||||
State and political subdivision debt securities | 4,239 | 134 | (3) | 4,370 | |||||||||||||||||||
Corporate debt securities | 5,021 | 5 | (65) | 4,961 | |||||||||||||||||||
$ | 14,660 | $ | 208 | $ | (94) | $ | 14,774 |
September 26, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 462 | $ | (8) | $ | 567 | $ | (11) | $ | 1,029 | $ | (19) | |||||||||||||||||||||||
State and political subdivision debt securities | 250 | 0 | 0 | 0 | 250 | 0 | |||||||||||||||||||||||||||||
Corporate debt securities | 1,117 | (4) | 0 | 0 | 1,117 | (4) | |||||||||||||||||||||||||||||
$ | 1,829 | $ | (12) | $ | 567 | $ | (11) | $ | 2,396 | $ | (23) |
March 28, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities | $ | 133 | $ | 0 | $ | 1,779 | $ | (26) | $ | 1,912 | $ | (26) | |||||||||||||||||||||||
State and political subdivision debt securities | 601 | (2) | 101 | (1) | 702 | (3) | |||||||||||||||||||||||||||||
Corporate debt securities | 3,747 | (65) | 0 | 0 | 3,747 | (65) | |||||||||||||||||||||||||||||
$ | 4,481 | $ | (67) | $ | 1,880 | $ | (27) | $ | 6,361 | $ | (94) |
December 28, 2019 | |||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Residential mortgage-backed securities | $ | 399 | $ | — | $ | 2,896 | $ | (48 | ) | $ | 3,295 | $ | (48 | ) | |||||||||
State and political subdivision debt securities | 302 | (1 | ) | 102 | (1 | ) | 404 | (2 | ) | ||||||||||||||
Corporate debt securities | 299 | (1 | ) | 250 | — | 549 | (1 | ) | |||||||||||||||
$ | 1,000 | $ | (2 | ) | $ | 3,248 | $ | (49 | ) | $ | 4,248 | $ | (51 | ) |
March 30, 2019 | |||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Residential mortgage-backed securities | $ | 1,066 | $ | (9 | ) | $ | 5,206 | $ | (110 | ) | $ | 6,272 | $ | (119 | ) | ||||||||
State and political subdivision debt securities | 353 | — | 2,319 | (17 | ) | 2,672 | (17 | ) | |||||||||||||||
Corporate debt securities | 243 | (8 | ) | 1,073 | (11 | ) | 1,316 | (19 | ) | ||||||||||||||
U.S. Treasury and government debt securities | — | — | 297 | (3 | ) | 297 | (3 | ) | |||||||||||||||
$ | 1,662 | $ | (17 | ) | $ | 8,895 | $ | (141 | ) | $ | 10,557 | $ | (158 | ) |
December 28, 2019 | |||||||
Amortized Cost | Fair Value | ||||||
Due in less than one year | $ | 471 | $ | 472 | |||
Due after one year through five years | 2,081 | 2,092 | |||||
Due after five years through ten years | 262 | 282 | |||||
Due after ten years | 2,202 | 2,309 | |||||
Mortgage-backed securities | 5,267 | 5,236 | |||||
$ | 10,283 | $ | 10,391 |
September 26, 2020 | |||||||||||
Amortized Cost | Fair Value | ||||||||||
Due in less than one year | $ | 3,506 | $ | 3,515 | |||||||
Due after one year through five years | 3,013 | 3,040 | |||||||||
Due after five years through ten years | 1,028 | 1,109 | |||||||||
Due after ten years | 1,315 | 1,371 | |||||||||
Mortgage-backed securities | 3,605 | 3,641 | |||||||||
$ | 12,467 | $ | 12,676 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Marketable equity securities: | |||||||||||||||
Net gains (losses) on securities held | $ | 764 | $ | (2,996 | ) | $ | 2,066 | $ | (1,698 | ) | |||||
Net gains (losses) on securities sold | 13 | 11 | 11 | (42 | ) | ||||||||||
Total net gain (loss) on marketable equity securities | $ | 777 | $ | (2,985 | ) | $ | 2,077 | $ | (1,740 | ) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Marketable equity securities: | |||||||||||||||||||||||
Net gains on securities held | $ | 1,278 | $ | 350 | $ | 3,275 | $ | 1,302 | |||||||||||||||
Net (losses) gains on securities sold | (27) | (1) | 6 | (2) | |||||||||||||||||||
$ | 1,251 | $ | 349 | $ | 3,281 | $ | 1,300 |
September 26, 2020 | March 28, 2020 | ||||||||||
Raw materials | $ | 41,907 | $ | 35,691 | |||||||
Work in process | 15,723 | 13,953 | |||||||||
Finished goods | 54,242 | 63,891 | |||||||||
$ | 111,872 | $ | 113,535 |
December 28, 2019 | March 30, 2019 | ||||||
Raw materials | $ | 35,669 | $ | 33,701 | |||
Work in process | 12,571 | 12,212 | |||||
Finished goods | 61,904 | 70,290 | |||||
$ | 110,144 | $ | 116,203 |
December 28, 2019 | March 30, 2019 | ||||||
Loans held for investment (at Acquisition Date, defined below) | $ | 39,403 | $ | 44,375 | |||
Loans held for investment (originated after Acquisition Date) | 20,839 | 20,580 | |||||
Loans held for sale | 19,839 | 11,288 | |||||
Construction advances | 12,626 | 12,883 | |||||
Consumer loans receivable | 92,707 | 89,126 | |||||
Deferred financing fees and other, net | (2,284 | ) | (1,926 | ) | |||
Allowance for loan losses | (431 | ) | (415 | ) | |||
$ | 89,992 | $ | 86,785 |
September 26, 2020 | March 28, 2020 | ||||||||||
Loans held for investment (at Acquisition Date, defined below) | $ | 35,692 | $ | 37,779 | |||||||
Loans held for investment (originated after Acquisition Date) | 19,299 | 20,140 | |||||||||
Loans held for sale | 18,986 | 14,671 | |||||||||
Construction advances | 14,063 | 13,400 | |||||||||
88,040 | 85,990 | ||||||||||
Deferred financing fees and other, net | (2,290) | (1,919) | |||||||||
Allowance for loan losses | (3,910) | (1,767) | |||||||||
81,840 | 82,304 | ||||||||||
Less current portion | (39,023) | (32,376) | |||||||||
$ | 42,817 | $ | 49,928 |
December 28, 2019 | March 30, 2019 | ||||||
(in thousands) | |||||||
Loans held for investment (at Acquisition Date) – contractual amount | $ | 87,543 | $ | 100,595 | |||
Purchase discount: | |||||||
Accretable | (32,068 | ) | (36,672 | ) | |||
Non-accretable | (16,026 | ) | (19,502 | ) | |||
Less loans reclassified as other assets | (46 | ) | (46 | ) | |||
Total loans held for investment (at Acquisition Date), net | $ | 39,403 | $ | 44,375 |
December 28, 2019 | March 30, 2019 | ||||
Prepayment rate | 16.6 | % | 17.1 | % | |
Default rate | 1.3 | % | 1.1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Balance at the beginning of the period | $ | 34,108 | $ | 40,937 | $ | 36,672 | $ | 44,481 | |||||||
Accretion | (1,606 | ) | (1,904 | ) | (5,086 | ) | (5,771 | ) | |||||||
Reclassifications (from) to non-accretable discount | (434 | ) | (376 | ) | 482 | (53 | ) | ||||||||
Balance at the end of the period | $ | 32,068 | $ | 38,657 | $ | 32,068 | $ | 38,657 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Allowance for loan losses at beginning of period | $ | 4,012 | $ | 421 | $ | 1,767 | $ | 415 | |||||||||||||||
Impact of adoption of ASU 2016-13 | 0 | 0 | 2,276 | 0 | |||||||||||||||||||
Change in estimated loan losses, net | (94) | (6) | 67 | 0 | |||||||||||||||||||
Charge-offs | (8) | 0 | (200) | 0 | |||||||||||||||||||
Recoveries | 0 | 0 | 0 | 0 | |||||||||||||||||||
Allowance for loan losses at end of period | $ | 3,910 | $ | 415 | $ | 3,910 | $ | 415 |
September 26, 2020 | March 28, 2020 | ||||||||||
Weighted average contractual interest rate | 8.4 | % | 8.4 | % | |||||||
Weighted average effective interest rate | 9.6 | % | 9.3 | % | |||||||
Weighted average months to maturity | 163 | 164 |
December 28, 2019 | March 30, 2019 | ||||
Weighted average contractual interest rate | 8.42 | % | 8.49 | % | |
Weighted average effective interest rate | 9.18 | % | 9.11 | % | |
Weighted average months to maturity | 163 | 163 |
September 26, 2020 | March 28, 2020 | ||||||||||
Current | $ | 84,852 | $ | 83,861 | |||||||
31-to-60 days | 1,200 | 547 | |||||||||
61-to-90 days | 26 | 307 | |||||||||
91+ days | 1,962 | 1,275 | |||||||||
$ | 88,040 | $ | 85,990 |
December 28, 2019 | |||||||||||||||||||||||
Consumer Loans Held for Investment | |||||||||||||||||||||||
Securitized 2005 | Securitized 2007 | Unsecuritized | Construction Advances | Consumer Loans Held For Sale | Total | ||||||||||||||||||
Asset Class | |||||||||||||||||||||||
Credit Quality Indicator (FICO® score) | |||||||||||||||||||||||
Home-only loans | |||||||||||||||||||||||
0-619 | $ | 362 | $ | 219 | $ | 245 | $ | — | $ | — | $ | 826 | |||||||||||
620-719 | 7,319 | 5,467 | 10,873 | — | — | 23,659 | |||||||||||||||||
720+ | 7,933 | 4,660 | 7,392 | — | 538 | 20,523 | |||||||||||||||||
Other | 46 | — | 339 | — | — | 385 | |||||||||||||||||
Subtotal | 15,660 | 10,346 | 18,849 | — | 538 | 45,393 | |||||||||||||||||
Conforming mortgages | |||||||||||||||||||||||
0-619 | — | — | 83 | — | — | 83 | |||||||||||||||||
620-719 | — | — | 2,402 | 8,321 | 12,173 | 22,896 | |||||||||||||||||
720+ | — | — | 1,061 | 4,305 | 7,128 | 12,494 | |||||||||||||||||
Subtotal | — | — | 3,546 | 12,626 | 19,301 | 35,473 | |||||||||||||||||
Non-conforming mortgages | |||||||||||||||||||||||
0-619 | 76 | 277 | 828 | — | — | 1,181 | |||||||||||||||||
620-719 | 764 | 3,820 | 2,528 | — | — | 7,112 | |||||||||||||||||
720+ | 1,115 | 1,992 | 230 | — | — | 3,337 | |||||||||||||||||
Other | — | — | 181 | — | — | 181 | |||||||||||||||||
Subtotal | 1,955 | 6,089 | 3,767 | — | — | 11,811 | |||||||||||||||||
Other loans | — | — | 30 | — | — | 30 | |||||||||||||||||
$ | 17,615 | $ | 16,435 | $ | 26,192 | $ | 12,626 | $ | 19,839 | $ | 92,707 |
March 30, 2019 | |||||||||||||||||||||||
Consumer Loans Held for Investment | |||||||||||||||||||||||
Securitized 2005 | Securitized 2007 | Unsecuritized | Construction Advances | Consumer Loans Held For Sale | Total | ||||||||||||||||||
Asset Class | |||||||||||||||||||||||
Credit Quality Indicator (FICO® score) | |||||||||||||||||||||||
Home-only loans | |||||||||||||||||||||||
0-619 | $ | 401 | $ | 245 | $ | 266 | $ | — | $ | — | $ | 912 | |||||||||||
620-719 | 8,448 | 5,996 | 10,266 | — | — | 24,710 | |||||||||||||||||
720+ | 9,090 | 5,419 | 8,436 | — | 617 | 23,562 | |||||||||||||||||
Other | 47 | — | 390 | — | — | 437 | |||||||||||||||||
Subtotal | 17,986 | 11,660 | 19,358 | — | 617 | 49,621 | |||||||||||||||||
Conforming mortgages | |||||||||||||||||||||||
0-619 | — | — | 83 | — | 460 | 543 | |||||||||||||||||
620-719 | — | — | 2,202 | 8,061 | 6,885 | 17,148 | |||||||||||||||||
720+ | — | — | 684 | 4,822 | 3,326 | 8,832 | |||||||||||||||||
Subtotal | — | — | 2,969 | 12,883 | 10,671 | 26,523 | |||||||||||||||||
Non-conforming mortgages | |||||||||||||||||||||||
0-619 | 78 | 344 | 991 | — | — | 1,413 | |||||||||||||||||
620-719 | 994 | 4,008 | 2,687 | — | — | 7,689 | |||||||||||||||||
720+ | 1,238 | 2,053 | 369 | — | — | 3,660 | |||||||||||||||||
Other | — | — | 214 | — | — | 214 | |||||||||||||||||
Subtotal | 2,310 | 6,405 | 4,261 | — | — | 12,976 | |||||||||||||||||
Other loans | — | — | 6 | — | — | 6 | |||||||||||||||||
$ | 20,296 | $ | 18,065 | $ | 26,594 | $ | 12,883 | $ | 11,288 | $ | 89,126 |
September 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | March 28, 2020 | ||||||||||||||||||||||||||||||||||||||||
Prime- FICO score 680 and greater | $ | 14,707 | $ | 8,496 | $ | 2,315 | $ | 1,523 | $ | 1,848 | $ | 25,991 | $ | 54,880 | $ | 55,513 | |||||||||||||||||||||||||||||||
Near Prime- FICO score 620-679 | 8,684 | 6,216 | 1,864 | 1,146 | 779 | 11,496 | 30,185 | 27,767 | |||||||||||||||||||||||||||||||||||||||
Sub-Prime- FICO score less than 620 | 100 | 89 | 0 | 0 | 86 | 1,991 | 2,266 | 2,142 | |||||||||||||||||||||||||||||||||||||||
No FICO score | 152 | 0 | 29 | 0 | 0 | 528 | 709 | 568 | |||||||||||||||||||||||||||||||||||||||
$ | 23,643 | $ | 14,801 | $ | 4,208 | $ | 2,669 | $ | 2,713 | $ | 40,006 | $ | 88,040 | $ | 85,990 |
December 28, 2019 | March 30, 2019 | ||||||
Direct loans receivable | $ | 44,619 | $ | 42,899 | |||
Participation loans receivable | 148 | 495 | |||||
Allowance for loan losses | (162 | ) | (180 | ) | |||
Deferred financing fees, net | (248 | ) | (208 | ) | |||
$ | 44,357 | $ | 43,006 |
September 26, 2020 | March 28, 2020 | ||||||||||
Direct loans receivable | $ | 42,336 | $ | 47,058 | |||||||
Participation loans receivable | 175 | 144 | |||||||||
Allowance for loan losses | (789) | (393) | |||||||||
Deferred financing fees, net | (244) | (244) | |||||||||
41,478 | 46,565 | ||||||||||
Less current portion of commercial loans receivable (including from affiliates), net | (14,961) | (15,423) | |||||||||
$ | 26,517 | $ | 31,142 |
September 26, 2020 | March 28, 2020 | ||||||||||
Weighted average contractual interest rate | 6.1 | % | 5.7 | % | |||||||
Weighted average months to maturity | 11 | 10 |
December 28, 2019 | March 30, 2019 | ||||
Weighted average contractual interest rate | 6.1 | % | 5.7 | % | |
Weighted average months to maturity | 10 | 7 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | 828 | $ | 191 | $ | 393 | $ | 180 | |||||||||||||||
Impact of adoption of ASU 2016-13 | 0 | 0 | 435 | 0 | |||||||||||||||||||
Change in estimated loan losses, net | (39) | (28) | (39) | (17) | |||||||||||||||||||
Loans charged off, net of recoveries | 0 | 0 | 0 | 0 | |||||||||||||||||||
Balance at end of period | $ | 789 | $ | 163 | $ | 789 | $ | 163 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Balance at beginning of period | $ | 163 | $ | 135 | $ | 180 | $ | 42 | |||||||
Change in estimated loan losses, net | (1 | ) | 25 | (18 | ) | 118 | |||||||||
Loans charged off, net of recoveries | — | — | — | — | |||||||||||
Balance at end of period | $ | 162 | $ | 160 | $ | 162 | $ | 160 |
Direct Commercial Loans | Participation Commercial Loans | ||||||||||||||
December 28, 2019 | March 30, 2019 | December 28, 2019 | March 30, 2019 | ||||||||||||
Commercial loans receivable: | |||||||||||||||
Collectively evaluated for impairment | $ | 16,186 | $ | 18,018 | $ | — | $ | — | |||||||
Individually evaluated for impairment | 28,433 | 24,881 | 148 | 495 | |||||||||||
$ | 44,619 | $ | 42,899 | $ | 148 | $ | 495 | ||||||||
Allowance for loan losses: | |||||||||||||||
Collectively evaluated for impairment | $ | (162 | ) | $ | (180 | ) | $ | — | $ | — | |||||
Individually evaluated for impairment | — | — | — | — | |||||||||||
$ | (162 | ) | $ | (180 | ) | $ | — | $ | — |
September 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Total | March 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk profile based on payment activity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 18,860 | $ | 14,076 | $ | 5,699 | $ | 2,238 | $ | 1,570 | $ | 42,443 | $ | 47,016 | ||||||||||||||||||||||||||||||||||||||||||
Watch list | 0 | 0 | 68 | 0 | 0 | 68 | 186 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,860 | $ | 14,076 | $ | 5,767 | $ | 2,238 | $ | 1,570 | $ | 42,511 | $ | 47,202 |
Direct Commercial Loans | Participation Commercial Loans | ||||||||||||||
December 28, 2019 | March 30, 2019 | December 28, 2019 | March 30, 2019 | ||||||||||||
Risk profile based on payment activity: | |||||||||||||||
Performing | $ | 44,619 | $ | 42,899 | $ | 148 | $ | 495 | |||||||
Watch list | — | — | — | — | |||||||||||
Nonperforming | — | — | — | — | |||||||||||
$ | 44,619 | $ | 42,899 | $ | 148 | $ | 495 |
December 28, 2019 | March 30, 2019 | ||||
California | 20.4 | % | 21.1 | % | |
Arizona | 17.5 | % | 16.3 | % |
December 28, 2019 | March 30, 2019 | ||||||
Property, plant and equipment, at cost: | |||||||
Land | $ | 21,723 | $ | 21,359 | |||
Buildings and improvements | 50,914 | 42,976 | |||||
Machinery and equipment | 30,150 | 27,053 | |||||
102,787 | 91,388 | ||||||
Accumulated depreciation | (31,380 | ) | (27,904 | ) | |||
$ | 71,407 | $ | 63,484 |
September 26, 2020 | March 28, 2020 | ||||||||||
Property, plant and equipment, at cost: | |||||||||||
Land | $ | 26,804 | $ | 26,827 | |||||||
Buildings and improvements | 53,743 | 52,011 | |||||||||
Machinery and equipment | 32,286 | 30,984 | |||||||||
112,833 | 109,822 | ||||||||||
Accumulated depreciation | (34,997) | (32,632) | |||||||||
$ | 77,836 | $ | 77,190 |
Classification | December 28, 2019 | ||||
ROU assets | |||||
Operating lease assets | Operating lease right-of-use assets | $ | 10,710 | ||
Finance lease assets | Property, plant and equipment, net (1) | 1,675 | |||
Total lease assets | $ | 12,385 | |||
Lease Liabilities | |||||
Current: | |||||
Operating lease liabilities | Accrued liabilities | $ | 3,809 | ||
Finance lease liabilities | Current portion of securitized financings and other | 717 | |||
Non-current: | |||||
Operating lease liabilities | Operating lease liabilities | 7,795 | |||
Finance lease liabilities | Securitized financings and other | 303 | |||
Total lease liabilities | $ | 12,624 |
December 28, 2019 | ||||||||||
Lease Expense Category | Classification | Three Months Ended | Nine Months Ended | |||||||
Operating lease expense (1) | ||||||||||
Cost of sales | $ | 208 | $ | 625 | ||||||
Selling, general and administrative expenses | 780 | 2,309 | ||||||||
Finance lease expense: | ||||||||||
Amortization of leased assets | Cost of sales | 10 | 29 | |||||||
Interest on lease liabilities | Interest expense | 13 | 40 | |||||||
Total lease expense | $ | 1,011 | $ | 3,003 |
Operating Leases | Finance Leases | Total | |||||||||||||||
Remainder of 2021 | $ | 2,116 | $ | 37 | $ | 2,153 | |||||||||||
2022 | 4,154 | 73 | 4,227 | ||||||||||||||
2023 | 3,827 | 73 | 3,900 | ||||||||||||||
2024 | 3,487 | 73 | 3,560 | ||||||||||||||
2025 | 2,706 | 73 | 2,779 | ||||||||||||||
2026 | 2,799 | 49 | 2,848 | ||||||||||||||
Thereafter | 2,206 | 0 | 2,206 | ||||||||||||||
21,295 | 378 | 21,673 | |||||||||||||||
Less amount representing interest | (2,612) | (45) | (2,657) | ||||||||||||||
18,683 | 333 | 19,016 | |||||||||||||||
Less current portion | (4,081) | (72) | (4,153) | ||||||||||||||
$ | 14,602 | $ | 261 | $ | 14,863 |
Operating Leases | Finance Leases | Total | |||||||||
Remainder of 2020 | $ | 880 | $ | 666 | $ | 1,546 | |||||
2021 | 3,814 | 79 | 3,893 | ||||||||
2022 | 2,882 | 73 | 2,955 | ||||||||
2023 | 1,874 | 73 | 1,947 | ||||||||
2024 | 1,529 | 73 | 1,602 | ||||||||
Thereafter | 3,367 | 122 | 3,489 | ||||||||
Total lease payments | 14,346 | 1,086 | 15,432 | ||||||||
Less: Amount representing interest | (2,742 | ) | (66 | ) | (2,808 | ) | |||||
Present value of lease liabilities | $ | 11,604 | $ | 1,020 | $ | 12,624 |
Remaining Lease Term (Years) | Discount Rate | |||
Operating leases | 4.7 | 4.5 | % | |
Finance leases | 2.3 | 5.0 | % |
2020 | $ | 2,292 | |
2021 | 2,197 | ||
2022 | 1,389 | ||
2023 | 1,072 | ||
Thereafter | 1,372 | ||
Total remaining lease payments | $ | 8,322 |
December 28, 2019 | March 30, 2019 | September 26, 2020 | March 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-lived: | Indefinite-lived: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 74,665 | $ | — | $ | 74,665 | $ | 72,920 | $ | — | $ | 72,920 | Goodwill | $ | 75,090 | $ | — | $ | 75,090 | $ | 75,090 | $ | — | $ | 75,090 | |||||||||||||||||||||||||||||||||
Trademarks and trade names | 8,900 | — | 8,900 | 7,200 | — | 7,200 | Trademarks and trade names | 8,900 | — | 8,900 | 8,900 | — | 8,900 | |||||||||||||||||||||||||||||||||||||||||||||
State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | State insurance licenses | 1,100 | — | 1,100 | 1,100 | — | 1,100 | |||||||||||||||||||||||||||||||||||||||||||||
Total indefinite-lived intangible assets | 84,665 | — | 84,665 | 81,220 | — | 81,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
85,090 | — | 85,090 | 85,090 | — | 85,090 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-lived: | Finite-lived: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | 11,300 | (6,305 | ) | 4,995 | 7,100 | (5,970 | ) | 1,130 | Customer relationships | 11,300 | (6,780) | 4,520 | 11,300 | (6,463) | 4,837 | |||||||||||||||||||||||||||||||||||||||||||
Other | 1,424 | (1,122 | ) | 302 | 1,384 | (1,038 | ) | 346 | Other | 1,424 | (1,208) | 216 | 1,424 | (1,151) | 273 | |||||||||||||||||||||||||||||||||||||||||||
$ | 97,389 | $ | (7,427 | ) | $ | 89,962 | $ | 89,704 | $ | (7,008 | ) | $ | 82,696 | $ | 97,814 | $ | (7,988) | $ | 89,826 | $ | 97,814 | $ | (7,614) | $ | 90,200 |
December 28, 2019 | March 30, 2019 | ||||||
Salaries, wages and benefits | $ | 24,412 | $ | 25,257 | |||
Customer deposits | 20,437 | 17,804 | |||||
Unearned insurance premiums | 18,614 | 18,305 | |||||
Estimated warranties | 17,959 | 17,069 | |||||
Accrued volume rebates | 12,431 | 10,412 | |||||
Company repurchase options on certain loans sold | 6,178 | 3,810 | |||||
Insurance loss reserves | 5,411 | 6,686 | |||||
Accrued self-insurance | 5,259 | 5,171 | |||||
Operating lease liabilities | 3,809 | — | |||||
Reserve for repurchase commitments | 2,504 | 2,362 | |||||
Accrued taxes | 1,206 | 1,767 | |||||
Capital lease obligation | — | 1,075 | |||||
Other | 14,658 | 15,463 | |||||
$ | 132,878 | $ | 125,181 |
September 26, 2020 | March 28, 2020 | ||||||||||
Customer deposits | $ | 30,153 | $ | 22,055 | |||||||
Salaries, wages and benefits | 29,375 | 25,885 | |||||||||
Company repurchase options on certain loans sold | 23,854 | 7,444 | |||||||||
Unearned insurance premiums | 21,907 | 20,614 | |||||||||
Estimated warranties | 17,805 | 18,678 | |||||||||
Accrued volume rebates | 11,040 | 9,801 | |||||||||
Insurance loss reserves | 6,887 | 5,582 | |||||||||
Accrued self-insurance | 5,827 | 5,112 | |||||||||
Operating lease liabilities | 4,081 | 4,170 | |||||||||
Accrued taxes | 3,247 | 1,908 | |||||||||
Reserve for repurchase commitments | 2,463 | 2,679 | |||||||||
Other | 16,545 | 16,002 | |||||||||
$ | 173,184 | $ | 139,930 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Balance at beginning of period | $ | 18,563 | $ | 16,905 | $ | 17,069 | $ | 16,638 | |||||||
Purchase accounting additions | — | — | 1,192 | — | |||||||||||
Charged to costs and expenses | 7,269 | 10,665 | 21,855 | 23,607 | |||||||||||
Payments and deductions | (7,873 | ) | (10,028 | ) | (22,157 | ) | (22,703 | ) | |||||||
Balance at end of period | $ | 17,959 | $ | 17,542 | $ | 17,959 | $ | 17,542 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Balance at beginning of period | $ | 18,538 | $ | 17,760 | $ | 18,678 | $ | 17,069 | |||||||||||||||
Purchase accounting additions | 0 | 1,192 | 0 | 1,192 | |||||||||||||||||||
Charged to costs and expenses | 6,232 | 6,765 | 12,579 | 14,586 | |||||||||||||||||||
Payments and deductions | (6,965) | (7,154) | (13,452) | (14,284) | |||||||||||||||||||
Balance at end of period | $ | 17,805 | $ | 18,563 | $ | 17,805 | $ | 18,563 |
September 26, 2020 | March 28, 2020 | ||||||||||
Secured credit facilities | $ | 9,793 | $ | 10,474 | |||||||
Other secured financings | 3,925 | 4,113 | |||||||||
Finance lease liabilities | 333 | 366 | |||||||||
14,051 | 14,953 | ||||||||||
Less current portion | (2,118) | (2,248) | |||||||||
$ | 11,933 | $ | 12,705 |
December 28, 2019 | March 30, 2019 | ||||||
2007-1 securitized financings (acquired as part of the Palm Harbor transaction) | $ | — | $ | 18,364 | |||
Secured credit facilities | 10,842 | 11,289 | |||||
Other secured financings | 4,125 | 4,487 | |||||
Finance lease liabilities | 1,020 | — | |||||
$ | 15,987 | $ | 34,140 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Balance at the beginning of the period | $ | — | $ | 1,834 | $ | 491 | $ | 3,515 | |||||||
Accretion | — | (764 | ) | (577 | ) | (2,341 | ) | ||||||||
Adjustment to cash flows | — | (2 | ) | 86 | (106 | ) | |||||||||
Balance at the end of the period | $ | — | $ | 1,068 | $ | — | $ | 1,068 |
Three Months Ended | |||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | 4,915 | $ | 5,145 | $ | 4,179 | $ | 4,653 | |||||||||||||||
Assumed premiums—nonaffiliated | 7,593 | 7,043 | 6,760 | 6,592 | |||||||||||||||||||
Ceded premiums—nonaffiliated | (2,853) | (2,853) | (3,029) | (3,029) | |||||||||||||||||||
$ | 9,655 | $ | 9,335 | $ | 7,910 | $ | 8,216 |
Three Months Ended | |||||||||||||||
December 28, 2019 | December 29, 2018 | ||||||||||||||
Written | Earned | Written | Earned | ||||||||||||
Direct premiums | $ | 4,654 | $ | 4,756 | $ | 4,190 | $ | 4,304 | |||||||
Assumed premiums—nonaffiliate | 5,918 | 6,676 | 5,860 | 6,385 | |||||||||||
Ceded premiums—nonaffiliate | (3,071 | ) | (3,071 | ) | (3,475 | ) | (3,475 | ) | |||||||
Net premiums | $ | 7,501 | $ | 8,361 | $ | 6,575 | $ | 7,214 |
Six Months Ended | |||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||
Written | Earned | Written | Earned | ||||||||||||||||||||
Direct premiums | $ | 10,680 | $ | 10,330 | $ | 9,212 | $ | 9,223 | |||||||||||||||
Assumed premiums—nonaffiliated | 15,246 | 13,833 | 14,273 | 13,027 | |||||||||||||||||||
Ceded premiums—nonaffiliated | (6,055) | (6,055) | (6,016) | (6,016) | |||||||||||||||||||
$ | 19,871 | $ | 18,108 | $ | 17,469 | $ | 16,234 |
Nine Months Ended | |||||||||||||||
December 28, 2019 | December 29, 2018 | ||||||||||||||
Written | Earned | Written | Earned | ||||||||||||
Direct premiums | $ | 13,866 | $ | 13,979 | $ | 12,551 | $ | 12,764 | |||||||
Assumed premiums—nonaffiliate | 20,191 | 19,703 | 19,074 | 18,969 | |||||||||||
Ceded premiums—nonaffiliate | (9,087 | ) | (9,087 | ) | (9,457 | ) | (9,457 | ) | |||||||
Net premiums | $ | 24,970 | $ | 24,595 | $ | 22,168 | $ | 22,276 |
December 28, 2019 | March 30, 2019 | ||||||
Construction loan contract amount | $ | 31,859 | $ | 28,230 | |||
Cumulative advances | (12,626 | ) | (12,883 | ) | |||
Remaining construction contingent commitment | $ | 19,233 | $ | 15,347 |
September 26, 2020 | March 28, 2020 | ||||||||||
Construction loan contract amount | $ | 39,094 | $ | 31,136 | |||||||
Cumulative advances | (14,063) | (13,400) | |||||||||
$ | 25,031 | $ | 17,736 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 28, 2020 | 9,173,242 | $ | 92 | $ | 252,260 | $ | 355,144 | $ | 90 | $ | 607,586 | ||||||||||||||||||||||||
Cumulative effect of implementing ASU 2016-13, net | — | 0 | 0 | (733) | 0 | (733) | |||||||||||||||||||||||||||||
Net income | — | 0 | 0 | 16,674 | 0 | 16,674 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 3,822 | 0 | (533) | 0 | 0 | (533) | |||||||||||||||||||||||||||||
Stock-based compensation | — | 0 | 945 | 0 | 0 | 945 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | 0 | 0 | 0 | 68 | 68 | |||||||||||||||||||||||||||||
Balance, June 27, 2020 | 9,177,064 | $ | 92 | $ | 252,672 | $ | 371,085 | $ | 158 | $ | 624,007 | ||||||||||||||||||||||||
Net income | — | 0 | 0 | 15,049 | 0 | 15,049 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 11,098 | 0 | 522 | 0 | 0 | 522 | |||||||||||||||||||||||||||||
Stock-based compensation | — | 0 | 1,103 | 0 | 0 | 1,103 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | 0 | 0 | 0 | 7 | 7 | |||||||||||||||||||||||||||||
Balance, September 26, 2020 | 9,188,162 | $ | 92 | $ | 254,297 | $ | 386,134 | $ | 165 | $ | 640,688 | ||||||||||||||||||||||||
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, March 30, 2019 | 9,098,320 | $ | 91 | $ | 249,447 | $ | 280,078 | $ | (28 | ) | $ | 529,588 | ||||||||||
Net income | — | — | — | 21,282 | — | 21,282 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 13,304 | — | (1,252 | ) | — | — | (1,252 | ) | ||||||||||||||
Stock-based compensation | — | — | 630 | — | — | 630 | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 89 | 89 | ||||||||||||||||
Balance, June 29, 2019 | 9,111,624 | $ | 91 | $ | 248,825 | $ | 301,360 | $ | 61 | $ | 550,337 | |||||||||||
Net income | — | — | — | 20,885 | — | 20,885 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 15,842 | — | 941 | — | — | 941 | ||||||||||||||||
Stock-based compensation | — | — | 818 | — | — | 818 | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 23 | 23 | ||||||||||||||||
Balance, September 28, 2019 | 9,127,466 | $ | 91 | $ | 250,584 | $ | 322,245 | $ | 84 | $ | 573,004 | |||||||||||
Net income | — | — | — | 20,898 | — | 20,898 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 13,725 | — | 537 | — | — | 537 | ||||||||||||||||
Stock-based compensation | — | — | 820 | — | — | 820 | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 1 | 1 | ||||||||||||||||
Balance, December 28, 2019 | 9,141,191 | $ | 91 | $ | 251,941 | $ | 343,143 | $ | 85 | $ | 595,260 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||
Balance, March 31, 2018 | 9,044,858 | $ | 90 | $ | 246,197 | $ | 209,381 | $ | 1,438 | $ | 457,106 | |||||||||||
Cumulative effect of implementing ASU 2016-01, net | — | — | — | 1,621 | (1,621 | ) | — | |||||||||||||||
Cumulative effect of implementing Topic 606, net | — | — | — | 454 | — | 454 | ||||||||||||||||
Net income | — | — | — | 19,691 | — | 19,691 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 16,448 | 1 | (2,169 | ) | — | — | (2,168 | ) | ||||||||||||||
Stock-based compensation | — | — | 599 | — | — | 599 | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 5 | 5 | ||||||||||||||||
Balance, June 30, 2018 | 9,061,306 | $ | 91 | $ | 244,627 | $ | 231,147 | $ | (178 | ) | $ | 475,687 | ||||||||||
Net income | — | — | — | 15,576 | — | 15,576 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 36,053 | — | 1,995 | — | — | 1,995 | ||||||||||||||||
Stock-based compensation | — | — | 1,516 | — | — | 1,516 | ||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (26 | ) | (26 | ) | ||||||||||||||
Balance, September 29, 2018 | 9,097,359 | $ | 91 | $ | 248,138 | $ | 246,723 | $ | (204 | ) | $ | 494,748 | ||||||||||
Net income | — | — | — | 13,384 | — | 13,384 | ||||||||||||||||
Issuance of common stock under stock incentive plans | 961 | — | 59 | — | — | 59 | ||||||||||||||||
Stock-based compensation | — | — | 821 | — | — | 821 | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 60 | 60 | ||||||||||||||||
Balance, December 29, 2018 | 9,098,320 | $ | 91 | $ | 249,018 | $ | 260,107 | $ | (144 | ) | $ | 509,072 |
Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, March 30, 2019 | 9,098,320 | $ | 91 | $ | 249,447 | $ | 280,078 | $ | (28) | $ | 529,588 | ||||||||||||||||||||||||
Net income | — | 0 | 0 | 21,282 | 0 | 21,282 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 13,304 | 0 | (1,252) | 0 | 0 | (1,252) | |||||||||||||||||||||||||||||
Stock-based compensation | — | 0 | 630 | 0 | 0 | 630 | |||||||||||||||||||||||||||||
Other comprehensive income, net | — | 0 | 0 | 0 | 89 | 89 | |||||||||||||||||||||||||||||
Balance, June 29, 2019 | 9,111,624 | $ | 91 | $ | 248,825 | $ | 301,360 | $ | 61 | $ | 550,337 | ||||||||||||||||||||||||
Net income | — | 0 | 0 | 20,885 | 0 | 20,885 | |||||||||||||||||||||||||||||
Issuance of common stock under stock incentive plans | 15,842 | 0 | 941 | 0 | 0 | 941 | |||||||||||||||||||||||||||||
Stock-based compensation | — | 0 | 818 | 0 | 0 | 818 | |||||||||||||||||||||||||||||
Other comprehensive loss, net | — | 0 | 0 | 0 | 23 | 23 | |||||||||||||||||||||||||||||
Balance, September 28, 2019 | 9,127,466 | $ | 91 | $ | 250,584 | $ | 322,245 | $ | 84 | $ | 573,004 | ||||||||||||||||||||||||
Number of Shares | ||||||||
Performance-Based Awards | Service-Based Awards | Total | ||||||
Outstanding at March 30, 2019 | — | — | — | |||||
Awarded | 7,305 | 4,650 | 11,955 | |||||
Released | — | (400 | ) | (400 | ) | |||
Canceled or expired | — | — | — | |||||
Outstanding at December 28, 2019 | 7,305 | 4,250 | 11,555 | |||||
Unvested target stock awards that may vest based upon performance conditions through fiscal year 2022 | 7,305 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Net income | $ | 20,898 | $ | 13,384 | $ | 63,065 | $ | 48,651 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 9,138,202 | 9,097,993 | 9,120,241 | 9,075,156 | |||||||||||
Effect of dilutive securities | 155,739 | 172,227 | 138,962 | 207,022 | |||||||||||
Diluted | 9,293,941 | 9,270,220 | 9,259,203 | 9,282,178 | |||||||||||
Net income per share: | |||||||||||||||
Basic | $ | 2.29 | $ | 1.47 | $ | 6.91 | $ | 5.36 | |||||||
Diluted | $ | 2.25 | $ | 1.44 | $ | 6.81 | $ | 5.24 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net income | $ | 15,049 | $ | 20,885 | $ | 31,723 | $ | 42,167 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 9,182,945 | 9,119,835 | 9,178,609 | 9,111,260 | |||||||||||||||||||
Effect of dilutive securities | 112,464 | 146,250 | 101,471 | 130,574 | |||||||||||||||||||
Diluted | 9,295,409 | 9,266,085 | 9,280,080 | 9,241,834 | |||||||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 1.64 | $ | 2.29 | $ | 3.46 | $ | 4.63 | |||||||||||||||
Diluted | $ | 1.62 | $ | 2.25 | $ | 3.42 | $ | 4.56 |
September 26, 2020 | March 28, 2020 | ||||||||||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | ||||||||||||||||||||
Available-for-sale debt securities | $ | 12,676 | $ | 12,676 | $ | 14,774 | $ | 14,774 | |||||||||||||||
Marketable equity securities | 12,791 | 12,791 | 9,829 | 9,829 | |||||||||||||||||||
Non-marketable equity investments | 21,400 | 21,400 | 21,536 | 21,536 | |||||||||||||||||||
Consumer loans receivable | 81,840 | 98,045 | 82,304 | 97,395 | |||||||||||||||||||
Interest rate lock commitment derivatives | 21 | 21 | 164 | 164 | |||||||||||||||||||
Forward loan sale commitment derivatives | 123 | 123 | (1,011) | (1,011) | |||||||||||||||||||
Commercial loans receivable | 41,478 | 41,144 | 46,565 | 46,819 | |||||||||||||||||||
Securitized financings and other | (14,051) | (13,638) | (14,953) | (15,592) | |||||||||||||||||||
December 28, 2019 | March 30, 2019 | ||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | ||||||||||||
Available-for-sale debt securities (1) | $ | 10,391 | $ | 10,391 | $ | 13,408 | $ | 13,408 | |||||||
Marketable equity securities (1) | 13,473 | 13,473 | 11,073 | 11,073 | |||||||||||
Non-marketable equity investments (2) | 21,310 | 21,310 | 20,276 | 20,276 | |||||||||||
Consumer loans receivable (3) | 89,992 | 103,141 | 86,785 | 101,001 | |||||||||||
Interest rate lock commitment derivatives (4) | 3 | 3 | 11 | 11 | |||||||||||
Forward loan sale commitment derivatives (4) | 104 | 104 | (59 | ) | (59 | ) | |||||||||
Commercial loans receivable (5) | 44,357 | 44,313 | 43,006 | 43,582 | |||||||||||
Securitized financings and other (6) | (15,987 | ) | (19,448 | ) | (34,140 | ) | (38,101 | ) |
September 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1) | $ | 3,641 | $ | 0 | $ | 3,641 | $ | 0 | |||||||||||||||
State and political subdivision debt securities (1) | 4,278 | 0 | 4,278 | 0 | |||||||||||||||||||
Corporate debt securities (1) | 4,757 | 0 | 4,757 | 0 | |||||||||||||||||||
Marketable equity securities (2) | 12,791 | 12,791 | 0 | 0 | |||||||||||||||||||
Interest rate lock commitment derivatives (3) | 21 | 0 | 0 | 21 | |||||||||||||||||||
Forward loan sale commitment derivatives (3) | 123 | 0 | 0 | 123 | |||||||||||||||||||
Mortgage servicing rights (4) | 1,058 | 0 | 0 | 1,058 |
December 28, 2019 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Residential mortgage-backed securities (1) | $ | 5,236 | $ | — | $ | 5,236 | $ | — | |||||||
State and political subdivision debt securities (1) | 3,831 | — | 3,831 | — | |||||||||||
Corporate debt securities (1) | 1,324 | — | 1,324 | — | |||||||||||
Marketable equity securities (2) | 13,473 | 13,473 | — | — | |||||||||||
Interest rate lock commitment derivatives (3) | 3 | — | — | 3 | |||||||||||
Forward loan sale commitment derivatives (3) | 104 | — | — | 104 | |||||||||||
Mortgage servicing rights (4) | 1,263 | — | — | 1,263 |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Residential mortgage-backed securities (1) | $ | 5,443 | $ | 0 | $ | 5,443 | $ | 0 | |||||||||||||||
State and political subdivision debt securities (1) | 4,370 | 0 | 4,370 | 0 | |||||||||||||||||||
Corporate debt securities (1) | 4,961 | 0 | 4,961 | 0 | |||||||||||||||||||
Marketable equity securities (2) | 9,829 | 9,829 | 0 | 0 | |||||||||||||||||||
Interest rate lock commitment derivatives (3) | 164 | 0 | 0 | 164 | |||||||||||||||||||
Forward loan sale commitment derivatives (3) | (1,011) | 0 | 0 | (1,011) | |||||||||||||||||||
Mortgage servicing rights (4) | 1,225 | 0 | 0 | 1,225 |
March 30, 2019 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
U.S Treasury and government debt securities(1) | $ | 297 | $ | — | $ | 297 | $ | — | |||||||
Residential mortgage-backed securities (1) | 6,509 | — | 6,509 | — | |||||||||||
State and political subdivision debt securities (1) | 4,983 | — | 4,983 | — | |||||||||||
Corporate debt securities (1) | 1,619 | — | 1,619 | — | |||||||||||
Marketable equity securities (2) | 11,073 | 11,073 | — | — | |||||||||||
Interest rate lock commitment derivatives (3) | 11 | — | — | 11 | |||||||||||
Forward loan sale commitment derivatives (3) | (59 | ) | — | — | (59 | ) | |||||||||
Mortgage servicing rights (4) | 1,372 | — | — | 1,372 |
(4) |
September 26, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | $ | 64,043 | $ | 0 | $ | 0 | $ | 64,043 | |||||||||||||||
Loans held for sale | 19,939 | 0 | 0 | 19,939 | |||||||||||||||||||
Construction advances | 14,063 | 0 | 0 | 14,063 | |||||||||||||||||||
Commercial loans receivable | 41,144 | 0 | 0 | 41,144 | |||||||||||||||||||
Securitized financings and other | (13,638) | 0 | (13,638) | 0 | |||||||||||||||||||
Non-marketable equity investments | 21,400 | 0 | 0 | 21,400 |
December 28, 2019 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Loans held for investment | $ | 69,932 | $ | — | $ | — | $ | 69,932 | |||||||
Loans held for sale | 20,583 | — | — | 20,583 | |||||||||||
Loans held—construction advances | 12,626 | — | — | 12,626 | |||||||||||
Commercial loans receivable | 44,313 | — | — | 44,313 | |||||||||||
Securitized financings and other | (19,448 | ) | — | (19,448 | ) | — | |||||||||
Non-marketable equity investments | 21,310 | — | — | 21,310 |
March 28, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | $ | 68,503 | $ | 0 | $ | 0 | $ | 68,503 | |||||||||||||||
Loans held for sale | 15,492 | 0 | 0 | 15,492 | |||||||||||||||||||
Construction advances | 13,400 | 0 | 0 | 13,400 | |||||||||||||||||||
Commercial loans receivable | 46,819 | 0 | 0 | 46,819 | |||||||||||||||||||
Securitized financings and other | (15,592) | 0 | (15,592) | 0 | |||||||||||||||||||
Non-marketable equity investments | 21,536 | 0 | 0 | 21,536 |
March 30, 2019 | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Loans held for investment | $ | 76,319 | $ | — | $ | — | $ | 76,319 | |||||||
Loans held for sale | 11,799 | — | — | 11,799 | |||||||||||
Loans held—construction advances | 12,883 | — | — | 12,883 | |||||||||||
Commercial loans receivable | 43,582 | — | — | 43,582 | |||||||||||
Securitized financings and other | (38,101 | ) | — | (38,101 | ) | — | |||||||||
Non-marketable equity investments | 20,276 | — | — | 20,276 |
September 26, 2020 | March 28, 2020 | ||||||||||
Number of loans serviced with MSRs | 4,671 | 4,688 | |||||||||
Weighted average servicing fee (basis points) | 31.81 | 31.12 | |||||||||
Capitalized servicing multiple | 56.49 | % | 67.19 | % | |||||||
Capitalized servicing rate (basis points) | 17.97 | 20.91 | |||||||||
Serviced portfolio with MSRs (in thousands) | $ | 588,955 | $ | 585,777 | |||||||
Mortgage servicing rights (in thousands) | $ | 1,058 | $ | 1,225 |
December 28, 2019 | March 30, 2019 | ||||||
Number of loans serviced with MSRs | 4,632 | 4,557 | |||||
Weighted average servicing fee (basis points) | 31.12 | 31.59 | |||||
Capitalized servicing multiple | 70.53 | % | 77.97 | % | |||
Capitalized servicing rate (basis points) | 21.95 | 24.63 | |||||
Serviced portfolio with MSRs (in thousands) | $ | 575,313 | $ | 556,934 | |||
Mortgage servicing rights (in thousands) | $ | 1,263 | $ | 1,372 |
August 2, 2019 | |||
Accounts receivable | $ | 908 | |
Inventories | 5,508 | ||
Property, plant and equipment, net | 5,244 | ||
Other current assets | 3,296 | ||
Intangible assets (1) | 5,940 | ||
Total identifiable assets acquired | 20,896 | ||
Accounts payable and accrued liabilities | (6,174 | ) | |
Net identifiable assets acquired | 14,722 | ||
Goodwill | 1,745 | ||
Net assets acquired | $ | 16,467 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Net revenue | $ | 273,722 | $ | 245,742 | $ | 817,674 | $ | 757,112 | |||||||
Net income | 20,898 | 14,832 | 63,868 | 52,296 | |||||||||||
Diluted net income per share | 2.25 | 1.60 | 6.90 | 5.63 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue | $ | 257,976 | $ | 270,239 | $ | 512,777 | $ | 543,951 | |||||||||||||||
Net income | 15,049 | 21,165 | 31,723 | 43,807 | |||||||||||||||||||
Diluted net income per share | 1.62 | 2.28 | 3.42 | 4.74 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 240,967 | $ | 252,690 | $ | 479,057 | $ | 501,458 | |||||||||||||||
Financial services | 17,009 | 15,985 | 33,720 | 31,259 | |||||||||||||||||||
$ | 257,976 | $ | 268,675 | $ | 512,777 | $ | 532,717 | ||||||||||||||||
Income before income taxes: | |||||||||||||||||||||||
Factory-built housing | $ | 17,452 | $ | 22,463 | $ | 35,902 | $ | 46,776 | |||||||||||||||
Financial services | 2,144 | 4,792 | 5,374 | 7,841 | |||||||||||||||||||
$ | 19,596 | $ | 27,255 | $ | 41,276 | $ | 54,617 |
Three Months Ended | Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | December 28, 2019 | December 29, 2018 | ||||||||||||
Net revenue: | |||||||||||||||
Factory-built housing | $ | 257,106 | $ | 220,342 | $ | 758,564 | $ | 680,198 | |||||||
Financial services | 16,616 | 13,358 | 47,875 | 41,435 | |||||||||||
$ | 273,722 | $ | 233,700 | $ | 806,439 | $ | 721,633 | ||||||||
Income before income taxes: | |||||||||||||||
Factory-built housing | $ | 19,247 | $ | 14,562 | $ | 66,023 | $ | 53,050 | |||||||
Financial services | 5,485 | 2,385 | 13,326 | 7,550 | |||||||||||
$ | 24,732 | $ | 16,947 | $ | 79,349 | $ | 60,600 |
Three Months Ended | |||||||||||||||||||||||
($ in thousands, except homes sold and revenue per home sold) | September 26, 2020 | September 28, 2019 | Change | % Change | |||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 240,967 | $ | 252,690 | $ | (11,723) | (4.6) | % | |||||||||||||||
Financial services | 17,009 | 15,985 | 1,024 | 6.4 | % | ||||||||||||||||||
$ | 257,976 | $ | 268,675 | $ | (10,699) | (4.0) | % | ||||||||||||||||
Total homes sold | 3,427 | 3,781 | (354) | (9.4) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 70,314 | $ | 66,832 | $ | 3,482 | 5.2 | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands, except homes sold and revenue per home sold) | September 26, 2020 | September 28, 2019 | Change | % Change | |||||||||||||||||||
Net revenue: | |||||||||||||||||||||||
Factory-built housing | $ | 479,057 | $ | 501,458 | $ | (22,401) | (4.5) | % | |||||||||||||||
Financial services | 33,720 | 31,259 | 2,461 | 7.9 | % | ||||||||||||||||||
$ | 512,777 | $ | 532,717 | $ | (19,940) | (3.7) | % | ||||||||||||||||
Total homes sold | 6,776 | 7,588 | (812) | (10.7) | % | ||||||||||||||||||
Net factory-built housing revenue per home sold | $ | 70,699 | $ | 66,086 | $ | 4,613 | 7.0 | % |
Three Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | Change | % Change | |||||||||||
Net revenue: | ||||||||||||||
Factory-built housing | $ | 257,106 | $ | 220,342 | $ | 36,764 | 16.7 | % | ||||||
Financial services | 16,616 | 13,358 | 3,258 | 24.4 | % | |||||||||
$ | 273,722 | $ | 233,700 | $ | 40,022 | 17.1 | % | |||||||
Total homes sold | 3,865 | 3,447 | 418 | 12.1 | % | |||||||||
Net factory-built housing revenue per home sold | $ | 66,522 | $ | 63,923 | $ | 2,599 | 4.1 | % |
Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | Change | % Change | |||||||||||
Net revenue: | ||||||||||||||
Factory-built housing | $ | 758,564 | $ | 680,198 | $ | 78,366 | 11.5 | % | ||||||
Financial services | 47,875 | 41,435 | 6,440 | 15.5 | % | |||||||||
$ | 806,439 | $ | 721,633 | $ | 84,806 | 11.8 | % | |||||||
Total homes sold | 11,453 | 10,870 | 583 | 5.4 | % | |||||||||
Net factory-built housing revenue per home sold | $ | 66,233 | $ | 62,576 | $ | 3,657 | 5.8 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 46,155 | $ | 48,639 | $ | (2,484) | (5.1) | % | |||||||||||||||
Financial services | 7,386 | 9,828 | (2,442) | (24.8) | % | ||||||||||||||||||
$ | 53,541 | $ | 58,467 | $ | (4,926) | (8.4) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 20.8 | % | 21.8 | % | N/A | (1.0) | % | ||||||||||||||||
Factory-built housing | 19.2 | % | 19.2 | % | N/A | — | % | ||||||||||||||||
Financial services | 43.4 | % | 61.5 | % | N/A | (18.1) | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Factory-built housing | $ | 93,147 | $ | 100,774 | $ | (7,627) | (7.6) | % | |||||||||||||||
Financial services | 15,717 | 17,991 | (2,274) | (12.6) | % | ||||||||||||||||||
$ | 108,864 | $ | 118,765 | $ | (9,901) | (8.3) | % | ||||||||||||||||
Gross profit as % of Net revenue: | |||||||||||||||||||||||
Consolidated | 21.2 | % | 22.3 | % | N/A | (1.1) | % | ||||||||||||||||
Factory-built housing | 19.4 | % | 20.1 | % | N/A | (0.7) | % | ||||||||||||||||
Financial services | 46.6 | % | 57.6 | % | N/A | (11.0) | % |
Three Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Gross profit: | ||||||||||||||
Factory-built housing | $ | 48,793 | $ | 41,730 | $ | 7,063 | 16.9 | % | ||||||
Financial services | 11,062 | 7,291 | 3,771 | 51.7 | % | |||||||||
$ | 59,855 | $ | 49,021 | $ | 10,834 | 22.1 | % | |||||||
Gross profit as % of Net revenue: | ||||||||||||||
Consolidated | 21.9 | % | 21.0 | % | N/A | 0.9 | % | |||||||
Factory-built housing | 19.0 | % | 18.9 | % | N/A | 0.1 | % | |||||||
Financial services | 66.6 | % | 54.6 | % | N/A | 12.0 | % |
Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Gross profit: | ||||||||||||||
Factory-built housing | $ | 149,567 | $ | 127,414 | $ | 22,153 | 17.4 | % | ||||||
Financial services | 29,053 | 22,499 | 6,554 | 29.1 | % | |||||||||
$ | 178,620 | $ | 149,913 | $ | 28,707 | 19.1 | % | |||||||
Gross profit as % of Net revenue: | ||||||||||||||
Consolidated | 22.1 | % | 20.8 | % | N/A | 1.3 | % | |||||||
Factory-built housing | 19.7 | % | 18.7 | % | N/A | 1.0 | % | |||||||
Financial services | 60.7 | % | 54.3 | % | N/A | 6.4 | % |
Three Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 30,725 | $ | 31,580 | $ | (855) | (2.7) | % | |||||||||||||||
Financial services | 4,728 | 4,503 | 225 | 5.0 | % | ||||||||||||||||||
$ | 35,453 | $ | 36,083 | $ | (630) | (1.7) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue: | 13.7 | % | 13.4 | % | N/A | 0.3 | % |
Six Months Ended | |||||||||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | % Change | |||||||||||||||||||
Selling, general and administrative expenses: | |||||||||||||||||||||||
Factory-built housing | $ | 61,462 | $ | 62,331 | $ | (869) | (1.4) | % | |||||||||||||||
Financial services | 9,314 | 9,016 | 298 | 3.3 | % | ||||||||||||||||||
$ | 70,776 | $ | 71,347 | $ | (571) | (0.8) | % | ||||||||||||||||
Selling, general and administrative expenses as % of Net revenue: | 13.8 | % | 13.4 | % | N/A | 0.4 | % |
Three Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Selling, general and administrative expenses: | ||||||||||||||
Factory-built housing | $ | 32,017 | $ | 26,782 | $ | 5,235 | 19.5 | % | ||||||
Financial services | 4,827 | 4,051 | 776 | 19.2 | % | |||||||||
$ | 36,844 | $ | 30,833 | $ | 6,011 | 19.5 | % | |||||||
Selling, general and administrative expenses as % of Net revenue: | 13.5 | % | 13.2 | % | N/A | 0.3 | % |
Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Selling, general and administrative expenses: | ||||||||||||||
Factory-built housing | $ | 94,348 | $ | 77,752 | $ | 16,596 | 21.3 | % | ||||||
Financial services | 13,843 | 12,329 | 1,514 | 12.3 | % | |||||||||
$ | 108,191 | $ | 90,081 | $ | 18,110 | 20.1 | % | |||||||
Selling, general and administrative expenses as % of Net revenue: | 13.4 | % | 12.5 | % | N/A | 0.9 | % |
Three Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Income before income taxes: | ||||||||||||||
Factory-built housing | $ | 19,247 | $ | 14,562 | $ | 4,685 | 32.2 | % | ||||||
Financial services | 5,485 | 2,385 | 3,100 | 130.0 | % | |||||||||
$ | 24,732 | $ | 16,947 | $ | 7,785 | 45.9 | % |
Nine Months Ended | ||||||||||||||
December 28, 2019 | December 29, 2018 | $ Change | % Change | |||||||||||
Income before income taxes: | ||||||||||||||
Factory-built housing | $ | 66,023 | $ | 53,050 | $ | 12,973 | 24.5 | % | ||||||
Financial services | 13,326 | 7,550 | 5,776 | 76.5 | % | |||||||||
$ | 79,349 | $ | 60,600 | $ | 18,749 | 30.9 | % |
Six Months Ended | |||||||||||||||||
($ in thousands) | September 26, 2020 | September 28, 2019 | $ Change | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 255,607 | $ | 199,869 | $ | 55,738 | |||||||||||
Net cash provided by operating activities | 74,609 | 43,593 | 31,016 | ||||||||||||||
Net cash used in investing activities | (82) | (18,308) | 18,226 | ||||||||||||||
Net cash used in financing activities | (865) | (19,345) | 18,480 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | $ | 329,269 | $ | 205,809 | $ | 123,460 |
Nine Months Ended | |||||||||||
December 28, 2019 | December 29, 2018 | $ Change | |||||||||
Cash, cash equivalents and restricted cash at beginning of the fiscal year | $ | 199,869 | $ | 199,258 | $ | 611 | |||||
Net cash provided by operating activities | 68,320 | 16,358 | 51,962 | ||||||||
Net cash used in investing activities | (18,873 | ) | (5,175 | ) | (13,698 | ) | |||||
Net cash used in financing activities | (19,058 | ) | (5,834 | ) | (13,224 | ) | |||||
Cash, cash equivalents and restricted cash at end of the period | $ | 230,258 | $ | 204,607 | $ | 25,651 |
Exhibit No. | Exhibit | |||||||
(1) | ||||||||
(1) | ||||||||
(2) | ||||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
Cavco Industries, Inc. | |||||||||||
Registrant | |||||||||||
Title | Date | ||||||||||
/s/ William C. Boor | President and Chief Executive Officer | ||||||||||
William C. Boor | (Principal Executive Officer) | ||||||||||
/s/ | |||||||||||
(Principal Financial and Accounting Officer) | |||||||||||