Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 26, 2020 | Oct. 23, 2020 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000278166 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 26, 2020 | |
Amendment Flag | false | |
Document Transition Report | false | |
Entity File Number | 000-08822 | |
Entity Registrant Name | CAVCO INDUSTRIES INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-2405642 | |
Entity Address, Address Line One | 3636 North Central Ave, Ste 1200 | |
Entity Address, City or Town | Phoenix | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85012 | |
City Area Code | 602 | |
Local Phone Number | 256-6263 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | CVCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,188,162 | |
Current Fiscal Year End Date | --04-03 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 312,243 | $ 241,826 |
Restricted cash, current | 16,691 | 13,446 |
Accounts receivable, net | 36,852 | 42,800 |
Short-term investments | 16,589 | 14,582 |
Current portion of consumer loans receivable, net | 39,023 | 32,376 |
Current portion of commercial loans receivable, net | 13,261 | 14,657 |
Current portion of commercial loans receivable from affiliates, net | 1,700 | 766 |
Inventories | 111,872 | 113,535 |
Prepaid expenses and other current assets | 49,193 | 42,197 |
Total current assets | 597,424 | 516,185 |
Restricted cash | 335 | 335 |
Investments | 30,278 | 31,557 |
Consumer loans receivable, net | 42,817 | 49,928 |
Commercial loans receivable, net | 20,946 | 23,685 |
Commercial loans receivable from affiliates, net | 5,571 | 7,457 |
Property, plant and equipment, net | 77,836 | 77,190 |
Goodwill | 75,090 | 75,090 |
Other intangibles, net | 14,736 | 15,110 |
Operating lease right-of-use assets | 17,477 | 13,894 |
Total assets | 882,510 | 810,431 |
Current liabilities: | ||
Accounts payable | 32,919 | 29,924 |
Accrued expenses and other current liabilities | 173,184 | 139,930 |
Current portion of secured credit facilities and other | 2,118 | 2,248 |
Total current liabilities | 208,221 | 172,102 |
Operating lease liabilties | 14,602 | 10,743 |
Secured credit facilities and other | 11,933 | 12,705 |
Deferred income taxes | 7,066 | 7,295 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No 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 | 92 | 92 |
Additional paid-in capital | 254,297 | 252,260 |
Retained earnings | 386,134 | 355,144 |
Accumulated other comprehensive income | 165 | 90 |
Total stockholders' equity | 640,688 | 607,586 |
Total liabilities and stockholders' equity | $ 882,510 | $ 810,431 |
Number of shares and par value | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 9,188,162 | 9,173,242 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Income Statement [Abstract] | ||||
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 attributable to Cavco common stockholders: | ||||
Basic (usd per share) | $ 1.64 | $ 2.29 | $ 3.46 | $ 4.63 |
Diluted (usd per share) | $ 1.62 | $ 2.25 | $ 3.42 | $ 4.56 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 9,182,945 | 9,119,835 | 9,178,609 | 9,111,260 |
Diluted (in shares) | 9,295,409 | 9,266,085 | 9,280,080 | 9,241,834 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 26, 2020 | Sep. 28, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 31,723 | $ 42,167 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,182 | 2,648 |
Provision for credit losses | 223 | 30 |
Deferred income taxes | (18) | 1,011 |
Stock-based compensation expense | 2,048 | 1,448 |
Non-cash interest income, net | (2,596) | (694) |
Loss (gain) on sale or retirement of property, plant and equipment, net | 242 | (3,370) |
Gain on investments and sale of loans, net | (9,597) | (7,683) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,948 | (3,300) |
Consumer loans receivable originated | (82,352) | (80,259) |
Proceeds from sale of consumer loans | 80,589 | 77,182 |
Principal payments on consumer loans receivable | 6,974 | 4,759 |
Inventories | 1,663 | 6,506 |
Prepaid expenses and other current assets | 11,536 | 322 |
Commercial loans receivable | 4,691 | (1,409) |
Accounts payable and accrued expenses and other current liabilities | 20,353 | 4,235 |
Net cash provided by operating activities | 74,609 | 43,593 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (3,773) | (3,944) |
Payments to Acquire Businesses, Gross | 0 | (15,937) |
Proceeds from sale of property, plant and equipment | 77 | 64 |
Purchases of investments | (4,440) | (2,751) |
Proceeds from sale of investments | 8,054 | 4,260 |
Net cash used in investing activities | (82) | (18,308) |
FINANCING ACTIVITIES | ||
Payments for exercise of stock options | (11) | (311) |
Proceeds from secured financings and other | 64 | 75 |
Payments on securitized financings and other | (918) | (19,109) |
Net cash used in financing activities | (865) | (19,345) |
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 | 255,607 | 199,869 |
Cash, cash equivalents and restricted cash at end of the period | 329,269 | 205,809 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 7,865 | 13,073 |
Cash paid for interest | 251 | 473 |
Supplemental disclosures of noncash activity: | ||
GNMA loans eligible for repurchase | 16,170 | 704 |
Right-of-use assets recognized | 5,617 | 13,464 |
Operating lease obligations incurred | $ 5,617 | $ 13,489 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Sep. 26, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that the Company believes are necessary to fairly state the results for the periods presented. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; and except for the events set forth in Note 22 of the Consolidated Financial Statements Notes ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended September 26, 2020, there were no subsequent events requiring disclosure. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's 2020 Annual Report on Form 10-K for the year ended March 28, 2020 filed with the SEC on May 27, 2020 ("Form 10-K"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. The uncertainty created by the novel coronavirus COVID-19 ("COVID-19") have made such estimates more difficult and subjective. Due to that and other uncertainties, actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31 st . The Company's current fiscal year will end on April 3, 2021. The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs through 20 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through the Company's 40 Company-owned retail stores. Our financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes. Recently Issued or Adopted Accounting Standards. On March 29, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments and requires a forward-looking impairment model based on expected losses rather than incurred losses. The Company adopted the standard by recognizing the cumulative effect of initially applying the new credit loss standard as an adjustment to the opening balance of Retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for the applicable prior periods. The cumulative effect of the changes made to our consolidated balance sheet at March 29, 2020 for the adoption of ASU 2016-13 was $733,000, net of taxes. The application of ASU 2016-13 increased our allowance for loan losses by $435,000 for commercial loans receivable and $528,000 for non-acquired consumer loans receivable. It had an insignificant impact to our allowance for credit losses for Accounts receivable, net. The Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under FASB Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company determined that $1.7 million of the existing purchase discount for acquired consumer loans was related to credit factors and was reclassified to the allowance for loan loss upon adoption. The remaining discount on the acquired consumer loans was determined to be related to non-credit factors and will be accreted into interest income over the life of the loans. For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Sep. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands): Three Months Ended Six Months Ended September 26, 2020 September 28, 2019 September 26, September 28, 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 (1) Other factory-built housing revenue includes revenue from ancillary products and services including used homes, freight and other services. (2) Other financial services revenue includes consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606") . |
Restricted Cash
Restricted Cash | 6 Months Ended |
Sep. 26, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash consisted of the following (in thousands): September 26, March 28, 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 Corresponding amounts for customer payments to be remitted to third parties are recorded in Accounts payable. The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown on the Consolidated Statements of Cash Flows (in thousands): September 26, March 28, September 28, March 30, 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 |
Investments
Investments | 6 Months Ended |
Sep. 26, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consisted of the following (in thousands): September 26, March 28, 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 The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of September 26, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million t o equity-method investments in community-based initiatives that buy and sell the Company's homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable equity investments included investments in other distribution operations. The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): September 26, 2020 Amortized Gross Gross Fair Residential mortgage-backed securities $ 3,605 $ 55 $ (19) $ 3,641 State and political subdivision debt securities 4,116 162 — 4,278 Corporate debt securities 4,746 15 (4) 4,757 $ 12,467 $ 232 $ (23) $ 12,676 March 28, 2020 Amortized Gross Gross Fair 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 The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands): September 26, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 462 $ (8) $ 567 $ (11) $ 1,029 $ (19) State and political subdivision debt securities 250 — — — 250 — Corporate debt securities 1,117 (4) — — 1,117 (4) $ 1,829 $ (12) $ 567 $ (11) $ 2,396 $ (23) March 28, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 133 $ — $ 1,779 $ (26) $ 1,912 $ (26) State and political subdivision debt securities 601 (2) 101 (1) 702 (3) Corporate debt securities 3,747 (65) — — 3,747 (65) $ 4,481 $ (67) $ 1,880 $ (27) $ 6,361 $ (94) The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of September 26, 2020. Further, the Company does not intend to sell the investments, and it is more likely than not that the Company will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. September 26, 2020 Amortized Fair 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 The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and g ross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Inventories
Inventories | 6 Months Ended |
Sep. 26, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): September 26, March 28, Raw materials $ 41,907 $ 35,691 Work in process 15,723 13,953 Finished goods 54,242 63,891 $ 111,872 $ 113,535 |
Consumer Loans Receivable
Consumer Loans Receivable | 6 Months Ended |
Sep. 26, 2020 | |
Receivables [Abstract] | |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands): September 26, March 28, 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 The Company acquired consumer loans receivable as part of its acquisition of Palm Harbor Homes, Inc. in April 2011 ("Acquisition Date"). The allowance for loan losses reflects the Company's judgment of the probable loss exposure on its loans held for investment portfolio. On March 29, 2020 the Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under ASC 310-30. The Company determined th at $1.7 million o f the existing purchase discount for such consumer loans was related to credit factors and was reclassified to the allowance for loan loss upon adoption. The remaining discount on the acquired consumer loans was determined to be related to non-credit factors and will be accreted into interest income over the life of the loans. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Allowance for loan losses at beginning of period $ 4,012 $ 421 $ 1,767 $ 415 Impact of adoption of ASU 2016-13 — — 2,276 — Change in estimated loan losses, net (94) (6) 67 — Charge-offs (8) — (200) — Recoveries — — — — Allowance for loan losses at end of period $ 3,910 $ 415 $ 3,910 $ 415 The consumer loans held for investment had the following characteristics: September 26, March 28, 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 The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands): September 26, March 28, 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 The following tables disaggregates CountryPlace's gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): September 26, 2020 2021 2020 2019 2018 2017 Prior Total March 28, 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 — — 86 1,991 2,266 2,142 No FICO score 152 — 29 — — 528 709 568 $ 23,643 $ 14,801 $ 4,208 $ 2,669 $ 2,713 $ 40,006 $ 88,040 $ 85,990 Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of September 26, 2020 , 35% of the outstanding principal balance of consumer loans receivable portfolio was concentrated in Texas and 19% was concentrated in Florida. As of March 28, 2020, 36% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 16% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home less the costs to sell. At repossession, the fair value of the collateral is determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. Repossessed homes totaled approximately $931,000 and $1.5 million as of September 26, 2020 and March 28, 2020, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $240,000 and $560,000 as of September 26, 2020 and March 28, 2020, respectively. |
Commercial Loans Receivables
Commercial Loans Receivables | 6 Months Ended |
Sep. 26, 2020 | |
Receivables [Abstract] | |
Commercial Loans Receivables | Commercial Loans Receivable The Company's commercial loans receivable balance consists of two classes: (i) direct financing arrangements for the home product needs of the Company's independent distributors, communities and developers; and (ii) amounts loaned by the Company under participation financing programs. Under the terms of the direct programs, the Company provides funds for financed home purchases by independent distributors, communities and developers. The notes are secured by the homes as collateral and, in some instances, other security. Other terms of direct arrangements vary, depending on the needs of the borrower and the opportunity for the Company. Under the terms of the participation programs, the Company provides loans to independent floor plan lenders, representing a significant portion of the funds that such financiers then lend to distributors to finance their inventory purchases. The participation commercial loans receivables are unsecured general obligations of the independent floor plan lenders. Commercial loans receivable, net consisted of the following, by class of financing notes receivable (in thousands): September 26, March 28, 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 The commercial loans receivable balance had the following characteristics: September 26, March 28, Weighted average contractual interest rate 6.1 % 5.7 % Weighted average months to maturity 11 10 The risk of loss is spread over numerous borrowers. Borrower activity is monitored on a regular basis and contractual arrangements are in place to provide adequate loss mitigation in the event of a default. The Company has historically been able to sell repossessed homes, thereby mitigating loss exposure. If a default occurs and collateral is lost, the Company is exposed to loss of the full value of the home loan. The Company evaluates the potential for loss from its commercial loan programs based on the borrower's risk rating, overall financial stability, historical experience and estimates of other economic factors. The Company has included considerations related to the COVID-19 pandemic when assessing its risk of loan loss and setting reserve amounts for its commercial finance portfolio as of September 26, 2020. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Balance at beginning of period $ 828 $ 191 $ 393 $ 180 Impact of adoption of ASU 2016-13 — — 435 — Change in estimated loan losses, net (39) (28) (39) (17) Loans charged off, net of recoveries — — — — Balance at end of period $ 789 $ 163 $ 789 $ 163 The following table disaggregates the Company's commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands): September 26, 2020 2021 2020 2019 2018 2017 Total March 28, Risk profile based on payment activity: Performing $ 18,860 $ 14,076 $ 5,699 $ 2,238 $ 1,570 $ 42,443 $ 47,016 Watch list — — 68 — — 68 186 Nonperforming — — — — — — — $ 18,860 $ 14,076 $ 5,767 $ 2,238 $ 1,570 $ 42,511 $ 47,202 At September 26, 2020, there were no commercial loans 90 days or more past due that were still accruing interest and the Company was not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance. As of September 26, 2020, 10.5% of the Company's outstanding commercial loans receivable principal balance was concentrated in Arizona and 10.0% was concentrated in California. As of March 28, 2020, 11.0% of the Company's outstanding commercial loans receivable principal balance was concentrated in California. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. The Company had concentrations with one independent third-party and its affiliates that equaled 17.9% and 21.0% of the net commercial loans receivables principal balance outstanding, all of which was secured, as of September 26, 2020 and March 28, 2020 respectively. T he risks created by these concentrations have been considered in the determination of the adequacy of the allowance for loan loss. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 6 Months Ended |
Sep. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant and equipment, net, consisted of the following (in thousands): September 26, March 28, 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 Depreciation expense was $1.4 million and $1.3 million for the three months ended September 26, 2020 and September 28, 2019, respectively. Depreciation expense for the six months ended September 26, 2020 and September 28, 2019 was $2.8 million and $2.4 million, respectively. Included in the amounts above are certain assets under finance leases. See Note 9 for additional information. |
Leases
Leases | 6 Months Ended |
Sep. 26, 2020 | |
Leases [Abstract] | |
Operating Leases | Leases The Company leases certain production and retail locations, office space and equipment. During the period ended September 26, 2020, the Company executed various lease renewals, including a five-year extension at one of our active manufacturing facilities, which increased the right of use asset and lease liability. The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands): 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 — 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 |
Finance Leases | Leases The Company leases certain production and retail locations, office space and equipment. During the period ended September 26, 2020, the Company executed various lease renewals, including a five-year extension at one of our active manufacturing facilities, which increased the right of use asset and lease liability. The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands): 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 — 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 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 6 Months Ended |
Sep. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill and other intangibles, net, consisted of the following (in thousands): September 26, 2020 March 28, 2020 Gross Accumulated Net Gross Accumulated Net Indefinite-lived: Goodwill $ 75,090 $ — $ 75,090 $ 75,090 $ — $ 75,090 Trademarks and trade names 8,900 — 8,900 8,900 — 8,900 State insurance licenses 1,100 — 1,100 1,100 — 1,100 85,090 — 85,090 85,090 — 85,090 Finite-lived: Customer relationships 11,300 (6,780) 4,520 11,300 (6,463) 4,837 Other 1,424 (1,208) 216 1,424 (1,151) 273 $ 97,814 $ (7,988) $ 89,826 $ 97,814 $ (7,614) $ 90,200 Amortization expense recognized on intangible assets was $187,000 and $151,000 for the three months ended September 26, 2020 and September 28, 2019, respectively. Amortization expense recognized on intangible assets was $374,000 and $231,000 for the six months ended September 26, 2020 and September 28, 2019, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Sep. 26, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 26, March 28, 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 |
Warranties
Warranties | 6 Months Ended |
Sep. 26, 2020 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Balance at beginning of period $ 18,538 $ 17,760 $ 18,678 $ 17,069 Purchase accounting additions — 1,192 — 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 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 6 Months Ended |
Sep. 26, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Debt and finance lease obligations primarily consist of secured credit facilities at the Company's finance subsidiary and lease obligations in which it is expected that the Company will obtain ownership of a leased asset at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands): September 26, March 28, 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 The Company's finance subsidiary entered into secured credit facilities with independent third-party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods, which have now expired. The proceeds were used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down periods, the facilities were converted into an amortizing loan based on a 20-year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program was 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of September 26, 2020, the outstanding balance of the converted loans was $9.8 million at a weighted average interest rate of 4.91%. See Note 9 for further discussion of the finance lease obligations. |
Reinsurance
Reinsurance | 6 Months Ended |
Sep. 26, 2020 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance Standard Casualty is primarily a specialty writer of manufactured home physical damage insurance. Certain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. Standard Casualty remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations. Substantially all of Standard Casualty's assumed reinsurance is with one entity. The effects of reinsurance on premiums written and earned were as follows (in thousands): 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 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 Typical insurance policies written or assumed by Standard Casualty have a maximum coverage of $300,000 per claim, of which Standard Casualty cedes $175,000 of the risk of loss per reinsurance. Therefore, Standard Casualty's risk of loss is limited to $125,000 per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable by Standard Casualty through reinsurance for catastrophic losses in excess of $1.5 million per occurrence, up to a maximum of $43.5 million in the aggregate. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Repurchase Contingencies . The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The maximum amount for which the Company was liable under such agreements approximated $77.6 million and $79.3 million at September 26, 2020 and March 28, 2020, respectively, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees , and ASC 450-20, Loss Contingencies , to account for its liability for repurchase commitments. The Company had a reserve for repurchase commitments of $2.5 million and $2.7 million at September 26, 2020 and March 28, 2020, respectively. Letter of Credit. To secure certain reinsurance contracts, Standard Casualty maintained an irrevocable letter of credit of $11.0 million to provide assurance that Standard Casualty would fulfill its reinsurance obligations. The letter of credit was released on July 11, 2020. Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during home construction. At the time of initial funding, CountryPlace commits to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried on the Consolidated Balance Sheets at the amount advanced less a valuation allowance and are included in Consumer loans receivable, net. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): September 26, March 28, Construction loan contract amount $ 39,094 $ 31,136 Cumulative advances (14,063) (13,400) $ 25,031 $ 17,736 Representations and Warranties of Mortgages Sold . CountryPlace sells loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, CountryPlace may be required to repurchase the loan or to indemnify a party for incurred losses. The Company maintains a reserve for these contingent repurchase and indemnification obligations. This reserve of $1.3 million as of September 26, 2020 and $1.0 million as of March 28, 2020, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. During the six months ended September 26, 2020, no claim request resulted in the execution of an indemnification agreement or in the repurchase of a loan. Interest Rate Lock Commitments . In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind the Company to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As of September 26, 2020, CountryPlace had outstanding IRLCs with a notional amount of $23.2 million, which are recorded at fair value in accordance with ASC 815, Derivatives and Hedging . During the three months ended September 26, 2020 and September 28, 2019, the Company recogn ized losses of $19,000 and $2,000, respectively, on outstanding IRLCs. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $144,000 and $3,000 , respectively, on outstanding IRLCs. Forward Sales Commitments . CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 26, 2020, CountryPlace had $58.8 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments for forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. The estimated fair values of forward sales of MBS and whole loan sale commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets. During the three months ended September 26, 2020 and September 28, 2019 , the Com pany recognized gains of $118,000 and $49,000 on forward sales of MBS and whole loan sale commitments, respectively. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $1.1 million and $84,000 on forward sales of MBS and whole loan sale commitments, respectively. Legal Matters. Since 2018, the Company has been cooperating with an investigation by the enforcement staff of the SEC's Los Angeles Regional Office regarding securities trading in personal and Company accounts directed by the Company's former Chief Executive Officer, Joseph Stegmayer. The Audit Committee of the Board conducted an internal investigation led by independent legal counsel and other advisers and, following the completion of its work in early 2019, the Audit Committee shared the results of its work with the Company's auditors, listing exchange and the SEC staff. The Company has also made documents and personnel available to the SEC staff and intends to continue cooperating with its investigation. The Company has been exploring the possibility of a settlement with the SEC staff, but at this time, the Company is unable to estimate the amount of a potential loss, if any. Joseph D. Robles v. Cavco Industries, Inc., was filed in the Superior Court for the State of California, Riverside on June 25, 2019 and Malik Griffin v. Fleetwood Homes, Inc ., was filed in the Superior Court for the State of California, San Bernardino on September 19, 2019, seeking recovery on behalf of a putative class of current and former hourly employees for certain alleged wage-and-hour violations including, among other things: (i) alleged failure to comply with certain wage statement formatting requirements; (ii) alleged failure to compensate employees for straight-time and overtime hours worked; and (iii) alleged failure to provide employees with all requisite work breaks. All parties have agreed to jointly mediate both cases. The mediation is currently scheduled for January 27, 2021. The Company is party to certain other lawsuits in the ordinary course of business. Based on management's present knowledge of the facts and (in certain cases) advice of outside counsel, management does not believe that loss contingencies arising from pending matters are likely to have a material adverse effect on the Company's consolidated financial position, liquidity or results of operations after taking into account any existing reserves included in Accrued expenses and other current liabilities in the Consolidated Balance Sheets. However, future events or circumstances that may currently be unknown to management will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on the Company's consolidated financial position, liquidity or results of operations in any future reporting periods. |
Legal Matters | Legal Matters. Since 2018, the Company has been cooperating with an investigation by the enforcement staff of the SEC's Los Angeles Regional Office regarding securities trading in personal and Company accounts directed by the Company's former Chief Executive Officer, Joseph Stegmayer. The Audit Committee of the Board conducted an internal investigation led by independent legal counsel and other advisers and, following the completion of its work in early 2019, the Audit Committee shared the results of its work with the Company's auditors, listing exchange and the SEC staff. The Company has also made documents and personnel available to the SEC staff and intends to continue cooperating with its investigation. The Company has been exploring the possibility of a settlement with the SEC staff, but at this time, the Company is unable to estimate the amount of a potential loss, if any. Joseph D. Robles v. Cavco Industries, Inc., was filed in the Superior Court for the State of California, Riverside on June 25, 2019 and Malik Griffin v. Fleetwood Homes, Inc ., was filed in the Superior Court for the State of California, San Bernardino on September 19, 2019, seeking recovery on behalf of a putative class of current and former hourly employees for certain alleged wage-and-hour violations including, among other things: (i) alleged failure to comply with certain wage statement formatting requirements; (ii) alleged failure to compensate employees for straight-time and overtime hours worked; and (iii) alleged failure to provide employees with all requisite work breaks. All parties have agreed to jointly mediate both cases. The mediation is currently scheduled for January 27, 2021. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 26, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 26, 2020 (dollars in thousands): 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 — — — (733) — (733) Net income — — — 16,674 — 16,674 Issuance of common stock under stock incentive plans 3,822 — (533) — — (533) Stock-based compensation — — 945 — — 945 Other comprehensive income, net — — — — 68 68 Balance, June 27, 2020 9,177,064 $ 92 $ 252,672 $ 371,085 $ 158 $ 624,007 Net income — — — 15,049 — 15,049 Issuance of common stock under stock incentive plans 11,098 — 522 — — 522 Stock-based compensation — — 1,103 — — 1,103 Other comprehensive income, net — — — — 7 7 Balance, September 26, 2020 9,188,162 $ 92 $ 254,297 $ 386,134 $ 165 $ 640,688 The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 28, 2019 (dollars in thousands): 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 loss, net — — — — 23 23 Balance, September 28, 2019 9,127,466 $ 91 $ 250,584 $ 322,245 $ 84 $ 573,004 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Sep. 26, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended September 26, 2020 and September 28, 2019 were 20,582 and 22,536, respectively. Anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the six months ended September 26, 2020 and September 28, 2019 were 30,182 and 42,401, respectively. In addition, 14,405 and 11,450 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of the Company's financial instruments were as follows (in thousands): September 26, 2020 March 28, 2020 Book Estimated Book Estimated 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) See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies the Company uses in determining fair value. Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): September 26, 2020 Total Level 1 Level 2 Level 3 Residential mortgage-backed securities (1) $ 3,641 $ — $ 3,641 $ — State and political subdivision debt securities (1) 4,278 — 4,278 — Corporate debt securities (1) 4,757 — 4,757 — Marketable equity securities (2) 12,791 12,791 — — Interest rate lock commitment derivatives (3) 21 — — 21 Forward loan sale commitment derivatives (3) 123 — — 123 Mortgage servicing rights (4) 1,058 — — 1,058 March 28, 2020 Total Level 1 Level 2 Level 3 Residential mortgage-backed securities (1) $ 5,443 $ — $ 5,443 $ — State and political subdivision debt securities (1) 4,370 — 4,370 — Corporate debt securities (1) 4,961 — 4,961 — Marketable equity securities (2) 9,829 9,829 — — Interest rate lock commitment derivatives (3) 164 — — 164 Forward loan sale commitment derivatives (3) (1,011) — — (1,011) Mortgage servicing rights (4) 1,225 — — 1,225 (1) Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income at each measurement date. (2) Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3) Gains or losses on derivatives are recorded in earnings through Cost of sales. (4) Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue. No transfers between Level 1, Level 2 or Level 3 occurred during the six months ended September 26, 2020. Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands): September 26, 2020 Total Level 1 Level 2 Level 3 Loans held for investment $ 64,043 $ — $ — $ 64,043 Loans held for sale 19,939 — — 19,939 Construction advances 14,063 — — 14,063 Commercial loans receivable 41,144 — — 41,144 Securitized financings and other (13,638) — (13,638) — Non-marketable equity investments 21,400 — — 21,400 March 28, 2020 Total Level 1 Level 2 Level 3 Loans held for investment $ 68,503 $ — $ — $ 68,503 Loans held for sale 15,492 — — 15,492 Construction advances 13,400 — — 13,400 Commercial loans receivable 46,819 — — 46,819 Securitized financings and other (15,592) — (15,592) — Non-marketable equity investments 21,536 — — 21,536 No impairment charges were recorded during the six months ended September 26, 2020. Mortgage Servicing . Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in earnings. September 26, March 28, 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 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 26, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has non-marketable equity investments in other distribution operations outside of Company-owned retail locations. In the ordinary course of business, the Company sells homes and lends to certain of these operations through its commercial lending programs. For the three months ended September 26, 2020 and September 28, 2019, the total amount of sales to related parties was $10.3 million and $10.4 million, respectively. For the six months ended September 26, 2020 and September 28, 2019, the total amount of sales to related parties was $23.0 million and $23.8 million, respectively. As of September 26, 2020, receivables from related parties included $2.9 million of accounts receivable and $7.3 million of commercial loans outstanding. As of March 28, 2020, receivables from related parties incl uded $1.7 million of accounts receivable and $8.2 million of commercial loans outstanding. |
Acquisition of Destiny Homes
Acquisition of Destiny Homes | 6 Months Ended |
Sep. 26, 2020 | |
Business Combinations [Abstract] | |
Acquisition of Destiny Homes | Acquisition of Destiny Homes On August 2, 2019, the Company purchased certain manufactured housing assets and assumed certain liabilities of Destiny Homes, which operates one manufacturing facility located in Moultrie, Georgia and produces and distributes manufactured and modular homes through a network of independent retailers in the Southeastern United States, further expanding the Company's reach. The Company finalized the purchase price allocation and has not made any purchase accounting adjustments during fiscal year 2021. Pro Forma Impact of Acquisition . The following table presents supplemental pro forma information as if the acquisition of Destiny Homes had occurred on March 31, 2019 (in thousands, except per share data): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Sep. 26, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table details Net revenue and Income before income taxes by segment (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 26, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 27, 2020, the Company’s Board of Directors approved a $100 million stock repurchase program that may be used to purchase its outstanding common stock. This program replaces a previously standing $10 million authorization, which is now canceled. The purchases may be made in the open market or one or more privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The actual timing, number and value of shares repurchased under the program will be determined by the Company in its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and other strategic capital needs and opportunities. The plan does not obligate Cavco to acquire any particular amount of common stock and may be suspended or discontinued at any time. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Sep. 26, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that the Company believes are necessary to fairly state the results for the periods presented. Certain prior period amounts have been reclassified to conform to current period classification. The Company has evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; and except for the events set forth in Note 22 of the Consolidated Financial Statements Notes ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended September 26, 2020, there were no subsequent events requiring disclosure. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in the Company's 2020 Annual Report on Form 10-K for the year ended March 28, 2020 filed with the SEC on May 27, 2020 ("Form 10-K"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying Notes. The uncertainty created by the novel coronavirus COVID-19 ("COVID-19") have made such estimates more difficult and subjective. Due to that and other uncertainties, actual results could differ from those estimates. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31 st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31 st . The Company's current fiscal year will end on April 3, 2021. The Company operates principally in two segments: (1) factory-built housing, which includes wholesale and retail systems-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. The Company designs and builds a wide variety of affordable manufactured homes, modular homes and park model RVs through 20 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community owners and developers and through the Company's 40 Company-owned retail stores. Our financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Co. ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes. |
Adoption of New Accounting Standards | Recently Issued or Adopted Accounting Standards. On March 29, 2020, the Company adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments and requires a forward-looking impairment model based on expected losses rather than incurred losses. The Company adopted the standard by recognizing the cumulative effect of initially applying the new credit loss standard as an adjustment to the opening balance of Retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for the applicable prior periods. The cumulative effect of the changes made to our consolidated balance sheet at March 29, 2020 for the adoption of ASU 2016-13 was $733,000, net of taxes. The application of ASU 2016-13 increased our allowance for loan losses by $435,000 for commercial loans receivable and $528,000 for non-acquired consumer loans receivable. It had an insignificant impact to our allowance for credit losses for Accounts receivable, net. The Company adopted ASU 2016-13 using the prospective transition approach for acquired consumer loans receivable assets that were previously accounted for under FASB Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality |
Accounting Standards Issued But Not Yet Adopted | |
Significant Accounting Policies | For a description of other significant accounting policies used by the Company in the preparation of its Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K. |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations Debt Obligations (Policies) | 6 Months Ended |
Sep. 26, 2020 | |
Debt Disclosure [Abstract] | |
Accounting policy for debt | The Company's finance subsidiary entered into secured credit facilities with independent third-party banks with draw periods from one to fifteen months and maturity dates of ten years after the expiration of the draw periods, which have now expired. The proceeds were used by the Company to originate and hold consumer home-only loans secured by manufactured homes, which are pledged as collateral to the facilities. Upon completion of the draw down periods, the facilities were converted into an amortizing loan based on a 20-year amortization period with a balloon payment due upon maturity. The maximum advance for loans under this program was 80% of the outstanding collateral principal balance, with the Company providing the remaining funds. As of September 26, 2020, the outstanding balance of the converted loans was $9.8 million at a weighted average interest rate of 4.91%. |
Commitments and Contingencies (
Commitments and Contingencies (Policies) | 6 Months Ended |
Sep. 26, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies . The Company is contingently liable under terms of repurchase agreements with financial institutions providing inventory financing for independent distributors of its products. These arrangements, which are customary in the industry, provide for the repurchase of products sold to distributors in the event of default by the distributor. The maximum amount for which the Company was liable under such agreements approximated $77.6 million and $79.3 million at September 26, 2020 and March 28, 2020, respectively, without reduction for the resale value of the homes. The Company applies ASC 460, Guarantees , and ASC 450-20, Loss Contingencies , to account for its liability for repurchase commitments. The Company had a reserve for repurchase commitments of $2.5 million and $2.7 million at September 26, 2020 and March 28, 2020, respectively. |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold . CountryPlace sells loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finances certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, CountryPlace provides to the GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. |
Derivatives | Interest Rate Lock Commitments . In originating loans for sale, CountryPlace issues interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale. These IRLCs bind the Company to fund the approved loan at the specified rate regardless of whether interest rates or market prices for similar loans have changed between the commitment date and the closing date. As of September 26, 2020, CountryPlace had outstanding IRLCs with a notional amount of $23.2 million, which are recorded at fair value in accordance with ASC 815, Derivatives and Hedging . During the three months ended September 26, 2020 and September 28, 2019, the Company recogn ized losses of $19,000 and $2,000, respectively, on outstanding IRLCs. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized losses of $144,000 and $3,000 , respectively, on outstanding IRLCs. Forward Sales Commitments . CountryPlace manages the risk profiles of a portion of its outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments. As of September 26, 2020, CountryPlace had $58.8 million in outstanding notional forward sales of MBSs and forward sales commitments. Commitments for forward sales of whole loans are typically in an amount proportionate with the amount of IRLCs expected to close in particular time frames, assuming no change in mortgage interest rates, for the respective loan products intended for whole loan sale. The estimated fair values of forward sales of MBS and whole loan sale commitments are based on quoted market values and are recorded within Prepaid expenses and other current assets in the Consolidated Balance Sheets. During the three months ended September 26, 2020 and September 28, 2019 , the Com pany recognized gains of $118,000 and $49,000 on forward sales of MBS and whole loan sale commitments, respectively. During the six months ended September 26, 2020 and September 28, 2019, the Company recognized gains of $1.1 million and $84,000 on forward sales of MBS and whole loan sale commitments, respectively. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Sep. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Disclosures | See Note 19, Fair Value Measurements and the Fair Value of Financial Instruments caption in Note 1, Summary of Significant Accounting Policies in the Form 10-K for more information on the methodologies the Company uses in determining fair value. |
Impairment or Disposal of Long-Lived Assets | No impairment charges were recorded during the six months ended September 26, 2020. |
Transfers and Servicing of Financial Assets | Mortgage Servicing . Mortgage Servicing Rights ("MSRs") are the rights to receive a portion of the interest coupon and fees collected from the mortgagors for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow accounts, performing loss mitigation activities on behalf of investors and otherwise administering the loan servicing portfolio. MSRs are initially recorded at fair value. Changes in fair value subsequent to the initial capitalization are recorded in earnings. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands): Three Months Ended Six Months Ended September 26, 2020 September 28, 2019 September 26, September 28, 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 (1) Other factory-built housing revenue includes revenue from ancillary products and services including used homes, freight and other services. (2) Other financial services revenue includes consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606") . |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Summary of restricted cash | Restricted cash consisted of the following (in thousands): September 26, March 28, 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 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consisted of the following (in thousands): September 26, March 28, 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 The Company's investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of September 26, 2020 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million t o equity-method investments in community-based initiatives that buy and sell the Company's homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable equity investments included investments in other distribution operations. The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): September 26, 2020 Amortized Gross Gross Fair Residential mortgage-backed securities $ 3,605 $ 55 $ (19) $ 3,641 State and political subdivision debt securities 4,116 162 — 4,278 Corporate debt securities 4,746 15 (4) 4,757 $ 12,467 $ 232 $ (23) $ 12,676 March 28, 2020 Amortized Gross Gross Fair 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 The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands): September 26, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 462 $ (8) $ 567 $ (11) $ 1,029 $ (19) State and political subdivision debt securities 250 — — — 250 — Corporate debt securities 1,117 (4) — — 1,117 (4) $ 1,829 $ (12) $ 567 $ (11) $ 2,396 $ (23) March 28, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 133 $ — $ 1,779 $ (26) $ 1,912 $ (26) State and political subdivision debt securities 601 (2) 101 (1) 702 (3) Corporate debt securities 3,747 (65) — — 3,747 (65) $ 4,481 $ (67) $ 1,880 $ (27) $ 6,361 $ (94) The Company is not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of September 26, 2020. Further, the Company does not intend to sell the investments, and it is more likely than not that the Company will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. September 26, 2020 Amortized Fair 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 The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and g ross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Schedule of Investments | Investments consisted of the following (in thousands): September 26, March 28, 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 |
Available-for-Sale Securities by Investment Category | The following tables summarize the Company's available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): September 26, 2020 Amortized Gross Gross Fair Residential mortgage-backed securities $ 3,605 $ 55 $ (19) $ 3,641 State and political subdivision debt securities 4,116 162 — 4,278 Corporate debt securities 4,746 15 (4) 4,757 $ 12,467 $ 232 $ (23) $ 12,676 March 28, 2020 Amortized Gross Gross Fair 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 |
Investment Securities in a Continuous Unrealized Loss Position | The following tables show gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position (in thousands): September 26, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 462 $ (8) $ 567 $ (11) $ 1,029 $ (19) State and political subdivision debt securities 250 — — — 250 — Corporate debt securities 1,117 (4) — — 1,117 (4) $ 1,829 $ (12) $ 567 $ (11) $ 2,396 $ (23) March 28, 2020 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Residential mortgage-backed securities $ 133 $ — $ 1,779 $ (26) $ 1,912 $ (26) State and political subdivision debt securities 601 (2) 101 (1) 702 (3) Corporate debt securities 3,747 (65) — — 3,747 (65) $ 4,481 $ (67) $ 1,880 $ (27) $ 6,361 $ (94) |
Contractual Maturity of Investment Securities | The amortized cost and fair value of the Company's investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties. September 26, 2020 Amortized Fair 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 |
Gain (Loss) on Securities | The Company recognizes investment gains and losses on available-for-sale debt securities when it sells or otherwise disposes of securities using the specific identification method. For the three and six months ended September 26, 2020, there were no gross gains realized on the sale of available-for-sale debt securities and g ross losses realized were $5,000. There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended September 28, 2019. The Company recognizes unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Inventory Disclosure [Abstract] | |
Summary of inventories | Inventories consisted of the following (in thousands): September 26, March 28, Raw materials $ 41,907 $ 35,691 Work in process 15,723 13,953 Finished goods 54,242 63,891 $ 111,872 $ 113,535 |
Consumer Loans Receivable (Tabl
Consumer Loans Receivable (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Receivables [Abstract] | |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands): September 26, March 28, 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 |
Financing Receivable, Allowance for Credit Loss | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Allowance for loan losses at beginning of period $ 4,012 $ 421 $ 1,767 $ 415 Impact of adoption of ASU 2016-13 — — 2,276 — Change in estimated loan losses, net (94) (6) 67 — Charge-offs (8) — (200) — Recoveries — — — — Allowance for loan losses at end of period $ 3,910 $ 415 $ 3,910 $ 415 |
Deliquency Status of Consumer Loans | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands): September 26, March 28, 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 |
Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following tables disaggregates CountryPlace's gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): September 26, 2020 2021 2020 2019 2018 2017 Prior Total March 28, 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 — — 86 1,991 2,266 2,142 No FICO score 152 — 29 — — 528 709 568 $ 23,643 $ 14,801 $ 4,208 $ 2,669 $ 2,713 $ 40,006 $ 88,040 $ 85,990 |
Commercial Loans Receivables (T
Commercial Loans Receivables (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Receivables [Abstract] | |
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following, by class of financing notes receivable (in thousands): September 26, March 28, 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 |
Changes in the Allowance for Loan Losses on Commercial Loans Receivables | The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Balance at beginning of period $ 828 $ 191 $ 393 $ 180 Impact of adoption of ASU 2016-13 — — 435 — Change in estimated loan losses, net (39) (28) (39) (17) Loans charged off, net of recoveries — — — — Balance at end of period $ 789 $ 163 $ 789 $ 163 |
Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates the Company's commercial loans receivable by credit quality indicator and fiscal year of origination (in thousands): September 26, 2020 2021 2020 2019 2018 2017 Total March 28, Risk profile based on payment activity: Performing $ 18,860 $ 14,076 $ 5,699 $ 2,238 $ 1,570 $ 42,443 $ 47,016 Watch list — — 68 — — 68 186 Nonperforming — — — — — — — $ 18,860 $ 14,076 $ 5,767 $ 2,238 $ 1,570 $ 42,511 $ 47,202 |
Geographic Concentration of Commercial Loans Receivables in Key States | As of September 26, 2020, 10.5% of the Company's outstanding commercial loans receivable principal balance was concentrated in Arizona and 10.0% was concentrated in California. As of March 28, 2020, 11.0% of the Company's outstanding commercial loans receivable principal balance was concentrated in California. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of September 26, 2020 or March 28, 2020. |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands): September 26, March 28, 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 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Leases [Abstract] | |
Finance lease minimum future payments | The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands): 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 — 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 lease minimum future payments | The present value of minimum payments for future fiscal years under non-cancelable leases as of September 26, 2020 was as follows (in thousands): 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 — 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 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands): September 26, 2020 March 28, 2020 Gross Accumulated Net Gross Accumulated Net Indefinite-lived: Goodwill $ 75,090 $ — $ 75,090 $ 75,090 $ — $ 75,090 Trademarks and trade names 8,900 — 8,900 8,900 — 8,900 State insurance licenses 1,100 — 1,100 1,100 — 1,100 85,090 — 85,090 85,090 — 85,090 Finite-lived: Customer relationships 11,300 (6,780) 4,520 11,300 (6,463) 4,837 Other 1,424 (1,208) 216 1,424 (1,151) 273 $ 97,814 $ (7,988) $ 89,826 $ 97,814 $ (7,614) $ 90,200 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): September 26, March 28, 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 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Product Warranties Disclosures [Abstract] | |
Activity in the liability for estimated warranties | Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, Balance at beginning of period $ 18,538 $ 17,760 $ 18,678 $ 17,069 Purchase accounting additions — 1,192 — 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 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt and finance lease obligations primarily consist of secured credit facilities at the Company's finance subsidiary and lease obligations in which it is expected that the Company will obtain ownership of a leased asset at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands): September 26, March 28, 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 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Insurance [Abstract] | |
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands): 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 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 |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Repurchase Contingencies [Roll Forward] | |
Loan Contracts with Off-Balance Sheet Commitments | Letter of Credit. To secure certain reinsurance contracts, Standard Casualty maintained an irrevocable letter of credit of $11.0 million to provide assurance that Standard Casualty would fulfill its reinsurance obligations. The letter of credit was released on July 11, 2020. Construction-Period Mortgages. CountryPlace funds construction-period mortgages through periodic advances during home construction. At the time of initial funding, CountryPlace commits to fully fund the loan contract in accordance with a predetermined schedule. Subsequent advances are contingent upon the performance of contractual obligations by the seller of the home and the borrower. Cumulative advances on construction-period mortgages are carried on the Consolidated Balance Sheets at the amount advanced less a valuation allowance and are included in Consumer loans receivable, net. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment of CountryPlace to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): September 26, March 28, Construction loan contract amount $ 39,094 $ 31,136 Cumulative advances (14,063) (13,400) $ 25,031 $ 17,736 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 26, 2020 (dollars in thousands): 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 — — — (733) — (733) Net income — — — 16,674 — 16,674 Issuance of common stock under stock incentive plans 3,822 — (533) — — (533) Stock-based compensation — — 945 — — 945 Other comprehensive income, net — — — — 68 68 Balance, June 27, 2020 9,177,064 $ 92 $ 252,672 $ 371,085 $ 158 $ 624,007 Net income — — — 15,049 — 15,049 Issuance of common stock under stock incentive plans 11,098 — 522 — — 522 Stock-based compensation — — 1,103 — — 1,103 Other comprehensive income, net — — — — 7 7 Balance, September 26, 2020 9,188,162 $ 92 $ 254,297 $ 386,134 $ 165 $ 640,688 The following table represents changes in stockholders' equity for each quarterly period during the six months ended September 28, 2019 (dollars in thousands): 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 loss, net — — — — 23 23 Balance, September 28, 2019 9,127,466 $ 91 $ 250,584 $ 322,245 $ 84 $ 573,004 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table sets forth the computation of basic and diluted earnings per share (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of the Company's financial instruments were as follows (in thousands): September 26, 2020 March 28, 2020 Book Estimated Book Estimated 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) |
Summary of Assets Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): September 26, 2020 Total Level 1 Level 2 Level 3 Residential mortgage-backed securities (1) $ 3,641 $ — $ 3,641 $ — State and political subdivision debt securities (1) 4,278 — 4,278 — Corporate debt securities (1) 4,757 — 4,757 — Marketable equity securities (2) 12,791 12,791 — — Interest rate lock commitment derivatives (3) 21 — — 21 Forward loan sale commitment derivatives (3) 123 — — 123 Mortgage servicing rights (4) 1,058 — — 1,058 March 28, 2020 Total Level 1 Level 2 Level 3 Residential mortgage-backed securities (1) $ 5,443 $ — $ 5,443 $ — State and political subdivision debt securities (1) 4,370 — 4,370 — Corporate debt securities (1) 4,961 — 4,961 — Marketable equity securities (2) 9,829 9,829 — — Interest rate lock commitment derivatives (3) 164 — — 164 Forward loan sale commitment derivatives (3) (1,011) — — (1,011) Mortgage servicing rights (4) 1,225 — — 1,225 (1) Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income at each measurement date. (2) Unrealized gains or losses on investments are recorded in earnings at each measurement date. (3) Gains or losses on derivatives are recorded in earnings through Cost of sales. (4) Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue. |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands): September 26, 2020 Total Level 1 Level 2 Level 3 Loans held for investment $ 64,043 $ — $ — $ 64,043 Loans held for sale 19,939 — — 19,939 Construction advances 14,063 — — 14,063 Commercial loans receivable 41,144 — — 41,144 Securitized financings and other (13,638) — (13,638) — Non-marketable equity investments 21,400 — — 21,400 |
Assumptions for Mortgage Servicing Rights | September 26, March 28, 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 |
Acquisition of Destiny Homes (T
Acquisition of Destiny Homes (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Business Combinations [Abstract] | |
Pro Forma Impact of Acquisition | Pro Forma Impact of Acquisition . The following table presents supplemental pro forma information as if the acquisition of Destiny Homes had occurred on March 31, 2019 (in thousands, except per share data): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Sep. 26, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table details Net revenue and Income before income taxes by segment (in thousands): Three Months Ended Six Months Ended September 26, September 28, September 26, September 28, 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 |
Subsequent Events (Tables)
Subsequent Events (Tables) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 26, 2020 | Oct. 27, 2020 | |
Subsequent Event [Line Items] | ||
Date of subsequent event | Oct. 27, 2020 | |
Stock repurchase program authorized amount | $ 10,000 | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Stock repurchase program authorized amount | $ 100,000 |
Basis of Presentation (Principl
Basis of Presentation (Principles of Consolidation) (Details) | 6 Months Ended |
Sep. 26, 2020Segmentstorefactories | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | Segment | 2 |
Number of operating production lines | factories | 20 |
Number of Stores | store | 40 |
Basis of Presentation New Accou
Basis of Presentation New Accounting Pronouncements (Details) - Accounting Standards Update 2016-13 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Allowance for loan loss - Commercial loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 435 | $ 0 |
Allowance for loan loss - Consumer loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | 2,276 | $ 0 |
Allowance for loan loss - Consumer loans receivable | Loans held at acquisition date | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | 1,700 | |||
Cumulative effect of implementing ASU 2016-13, net | Allowance for loan loss - Commercial loans receivable | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | 435 | |||
Cumulative effect of implementing ASU 2016-13, net | Allowance for loan loss - Consumer loans receivable | Originated after Acquisition Date | ||||
ASU 2016-13 | ||||
Impact of adoption of ASU 2016-13 | $ 528 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 257,976 | $ 268,675 | $ 512,777 | $ 532,717 | |
Factory-built housing | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 240,967 | 252,690 | 479,057 | 501,458 | |
Factory-built housing | HUD Code | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 197,723 | 207,556 | 387,169 | 410,035 | |
Factory-built housing | Modular | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 20,483 | 19,412 | 41,266 | 38,819 | |
Factory-built housing | Park Model RVs | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 9,027 | 11,751 | 22,749 | 24,612 | |
Factory-built housing | Product and Service, Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [1] | 13,734 | 13,971 | 27,873 | 27,992 |
Financial Services | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 17,009 | 15,985 | 33,720 | 31,259 | |
Financial Services | Insurance Agency Commissions | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 777 | 274 | 1,547 | 1,429 | |
Financial Services | Financial Service, Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | [2] | $ 16,232 | $ 15,711 | $ 32,173 | $ 29,830 |
[1] | Other factory-built housing revenue includes revenue from ancillary products and services including used homes, freight and other services. | ||||
[2] | Other financial services revenue includes consumer finance and insurance revenue that is not within the scope of ASU 2014-09, Revenue from Contracts with Customers ("Topic 606") . |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Mar. 30, 2019 |
Summary of restricted cash | ||||
Restricted cash, current | $ 16,691 | $ 13,446 | $ 14,981 | $ 12,148 |
Restricted cash | 335 | 335 | $ 350 | $ 351 |
Total restricted cash | 17,026 | 13,781 | ||
Cash related to CountryPlace customer payments to be remitted to third parties | ||||
Summary of restricted cash | ||||
Restricted cash, current | 15,818 | 12,740 | ||
Other restricted cash | ||||
Summary of restricted cash | ||||
Restricted cash | $ 1,208 | $ 1,041 |
Restricted Cash Reconciliation
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Mar. 30, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
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 | $ 329,269 | $ 255,607 | $ 205,809 | $ 199,869 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 12,676 | $ 14,774 |
Marketable equity securities | 12,791 | 9,829 |
Non-marketable equity investments | 21,400 | 21,536 |
Investments | 46,867 | 46,139 |
Short-term investments | (16,589) | (14,582) |
Investments | 30,278 | 31,557 |
Payments to acquire interest in joint venture | $ 15,000 | $ 15,000 |
Investments (Gross Unrealized G
Investments (Gross Unrealized Gains and Losses by Investment Category) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | $ 12,467 | $ 14,660 |
Gross Unrealized Gains | 232 | 208 |
Gross Unrealized Losses | (23) | (94) |
Available-for-sale debt securities | 12,676 | 14,774 |
Residential mortgage-backed securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 3,605 | 5,400 |
Gross Unrealized Gains | 55 | 69 |
Gross Unrealized Losses | (19) | (26) |
Available-for-sale debt securities | 3,641 | 5,443 |
State and political subdivision debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 4,116 | 4,239 |
Gross Unrealized Gains | 162 | 134 |
Gross Unrealized Losses | 0 | (3) |
Available-for-sale debt securities | 4,278 | 4,370 |
Corporate debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 4,746 | 5,021 |
Gross Unrealized Gains | 15 | 5 |
Gross Unrealized Losses | (4) | (65) |
Available-for-sale debt securities | $ 4,757 | $ 4,961 |
Investments (Unrealized Losses
Investments (Unrealized Losses and Fair Value by Length of Time) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Debt Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | $ 1,829 | $ 4,481 |
Less than 12 month, Unrealized Losses | (12) | (67) |
12 Months or Longer, Fair Value | 567 | 1,880 |
12 Months or Longer, Unrealized Losses | (11) | (27) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,396 | 6,361 |
Gross Unrealized Losses | (23) | (94) |
Residential mortgage-backed securities | ||
Debt Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 462 | 133 |
Less than 12 month, Unrealized Losses | (8) | 0 |
12 Months or Longer, Fair Value | 567 | 1,779 |
12 Months or Longer, Unrealized Losses | (11) | (26) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,029 | 1,912 |
Gross Unrealized Losses | (19) | (26) |
State and political subdivision debt securities | ||
Debt Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 250 | 601 |
Less than 12 month, Unrealized Losses | 0 | (2) |
12 Months or Longer, Fair Value | 0 | 101 |
12 Months or Longer, Unrealized Losses | 0 | (1) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 250 | 702 |
Gross Unrealized Losses | 0 | (3) |
Corporate Debt Securities | ||
Debt Securities in a Continuous Unrealized Loss Position | ||
Less than 12 Months, Fair Value | 1,117 | 3,747 |
Less than 12 month, Unrealized Losses | (4) | (65) |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,117 | 3,747 |
Gross Unrealized Losses | $ (4) | $ (65) |
Investments (Contractual Maturi
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Amortized Cost | ||
Due in less than one year | $ 3,506 | |
Due after one year through five years | 3,013 | |
Due after five years through ten years | 1,028 | |
Due after ten years | 1,315 | |
Mortgage-backed securities | 3,605 | |
Amortized Cost | 12,467 | $ 14,660 |
Fair Value | ||
Due in less than one year | 3,515 | |
Due after one year through five years | 3,040 | |
Due after five years through ten years | 1,109 | |
Due after ten years | 1,371 | |
Mortgage-backed securities | 3,641 | |
Fair Value | $ 12,676 | $ 14,774 |
Investments (Recognized Gains a
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Gain (Loss) on Securities | ||||
Gross gains realized on debt securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gross losses realized on debt securities | (5) | 0 | (5) | 0 |
Equity Securities gain on investments held | 1,278 | 350 | 3,275 | 1,302 |
Equity Securities loss on investments sold | (27) | (1) | (2) | |
Equity Securities gain on investments sold | 6 | |||
Gain (Loss) on Equity Securities | $ 1,251 | $ 349 | $ 3,281 | $ 1,300 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Summary of inventories | ||
Raw materials | $ 41,907 | $ 35,691 |
Work in process | 15,723 | 13,953 |
Finished goods and other | 54,242 | 63,891 |
Total Inventories | $ 111,872 | $ 113,535 |
Consumer Loans Receivable (Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 |
Receivables [Abstract] | ||||||
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 | ||||
Consumer loans receivable | 88,040 | 85,990 | ||||
Deferred financing fees and other, net | (2,290) | (1,919) | ||||
Allowance for loan losses | (3,910) | $ (4,012) | (1,767) | $ (415) | $ (421) | $ (415) |
Consumer loans receivable, net | 81,840 | 82,304 | ||||
Current portion of consumer loans receivable, net | (39,023) | (32,376) | ||||
Consumer loans receivable, net | $ 42,817 | $ 49,928 |
Consumer Loans Receivable (Allo
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses at beginning of period | $ 4,012 | $ 421 | $ 1,767 | $ 415 |
Allowance for loan losses at end of period | 3,910 | 415 | 3,910 | 415 |
Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 94 | (6) | 67 | 0 |
Charge-offs | (8) | 0 | (200) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Accounting Standards Update 2016-13 | Consumer loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | 2,276 | $ 0 |
Accounting Standards Update 2016-13 | Consumer loans receivable | Loans held at acquisition date | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 1,700 |
Consumer Loans Receivable (Loan
Consumer Loans Receivable (Loans Held for investment) (Details) | 6 Months Ended | |
Sep. 26, 2020 | Sep. 28, 2019 | |
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.40% | 8.40% |
Weighted average effective interest rate | 9.60% | 9.30% |
Weighted average months to maturity | 163 months | 164 months |
Delinquency status of consumer
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 88,040 | $ 85,990 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 84,852 | 83,861 |
31 - 60 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,200 | 547 |
61 - 90 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 26 | 307 |
91+ days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 1,962 | $ 1,275 |
Consumer Loans Receivable (Cons
Consumer Loans Receivable (Consumer Loan Receivables by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 88,040 | $ 85,990 |
Fiscal 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 23,643 | |
Fiscal 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 14,801 | |
Fiscal 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 4,208 | |
Fiscal 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 2,669 | |
Fiscal 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 2,713 | |
Fiscal 2016 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 40,006 | |
Prime- FICO score 680 and greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 54,880 | 55,513 |
Prime- FICO score 680 and greater | Fiscal 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 14,707 | |
Prime- FICO score 680 and greater | Fiscal 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 8,496 | |
Prime- FICO score 680 and greater | Fiscal 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 2,315 | |
Prime- FICO score 680 and greater | Fiscal 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,523 | |
Prime- FICO score 680 and greater | Fiscal 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,848 | |
Prime- FICO score 680 and greater | Fiscal 2016 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 25,991 | |
Near Prime- FICO score 620-679 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 30,185 | 27,767 |
Near Prime- FICO score 620-679 | Fiscal 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 8,684 | |
Near Prime- FICO score 620-679 | Fiscal 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 6,216 | |
Near Prime- FICO score 620-679 | Fiscal 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,864 | |
Near Prime- FICO score 620-679 | Fiscal 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,146 | |
Near Prime- FICO score 620-679 | Fiscal 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 779 | |
Near Prime- FICO score 620-679 | Fiscal 2016 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 11,496 | |
Sub-Prime- FICO score less than 620 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 2,266 | 2,142 |
Sub-Prime- FICO score less than 620 | Fiscal 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 100 | |
Sub-Prime- FICO score less than 620 | Fiscal 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 89 | |
Sub-Prime- FICO score less than 620 | Fiscal 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 86 | |
Sub-Prime- FICO score less than 620 | Fiscal 2016 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 1,991 | |
No FICO Score | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 709 | 568 |
No FICO Score | Fiscal 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 152 | |
No FICO Score | Fiscal 2020 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 0 | |
No FICO Score | Fiscal 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 29 | |
No FICO Score | Fiscal 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 0 | |
No FICO Score | Fiscal 2017 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | 0 | |
No FICO Score | Fiscal 2016 and prior | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 528 | |
Consumer loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer loans receivable | $ 85,990 |
Consumer Loans Receivable (Narr
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 931 | $ 1,500 |
Mortgage Loans in Process of Foreclosure, Amount | $ 240 | $ 560 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 35.00% | 36.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 19.00% | 16.00% |
Commercial Loans Receivables (C
Commercial Loans Receivables (Commercial Loans Receivables, Net) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Sep. 26, 2020 | Sep. 28, 2019 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 29, 2019 | Mar. 30, 2019 | |
Commercial Loans Receivable | ||||||
Commercial loans receivable | $ 42,511 | $ 47,202 | ||||
Allowance for loan loss | (789) | $ (163) | $ (828) | $ (191) | ||
Less current portion of commercial loans receivable (including from affiliates), net | (14,961) | (15,423) | ||||
Commercial loans receivable (including from affiliates), noncurrent | $ 26,517 | 31,142 | ||||
Weighted average contractual interest rate, commercial | 6.10% | 5.70% | ||||
Weighted average months to maturity, commercial | 11 months | 10 months | ||||
Commercial Loans Receivable | ||||||
Commercial Loans Receivable | ||||||
Allowance for loan loss | $ (789) | $ (163) | (393) | $ (180) | ||
Deferred financing fees, net | (244) | (244) | ||||
Total commercial loans, net | 41,478 | 46,565 | ||||
Direct loans receivable | Commercial Loans Receivable | ||||||
Commercial Loans Receivable | ||||||
Commercial loans receivable | 42,336 | 47,058 | ||||
Participation loans receivable | Commercial Loans Receivable | ||||||
Commercial Loans Receivable | ||||||
Commercial loans receivable | $ 175 | $ 144 |
Commercial Loans Receivables _2
Commercial Loans Receivables (Changes in the Estimated Allowance for Loan Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | $ 828 | $ 191 | ||
Loans charged off, net of recoveries | 0 | 0 | ||
Balance at end of period | 789 | 163 | $ 789 | $ 163 |
Commercial Loans Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of period | 393 | 180 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | (39) | (28) | (39) | (17) |
Loans charged off, net of recoveries | 0 | 0 | ||
Balance at end of period | 789 | 163 | 789 | 163 |
Commercial Loans Receivable | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Impact of adoption of ASU 2016-13 | $ 0 | $ 0 | $ 435 | $ 0 |
Commercial Loans Receivables _3
Commercial Loans Receivables (Commercial Loans Receivables by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 42,511 | $ 47,202 |
Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 18,860 | |
Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 14,076 | |
Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 5,767 | |
Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 2,238 | |
Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,570 | |
Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 42,443 | 47,016 |
Performing | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 18,860 | |
Performing | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 14,076 | |
Performing | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 5,699 | |
Performing | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 2,238 | |
Performing | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,570 | |
Watch list | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 68 | 186 |
Watch list | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 68 | |
Watch list | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | $ 0 |
Nonperforming | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 0 |
Commercial Loans Receivables _4
Commercial Loans Receivables (Concentrations of Commercial Loans Receivables) (Details) | Sep. 26, 2020 | Mar. 28, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 17.90% | 21.00% |
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Concentration Risk on Financing Receivables Percentage | 10.00% | 10.00% |
ARIZONA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 10.50% | |
CALIFORNIA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 10.00% | 11.00% |
Commercial Loans Receivables (N
Commercial Loans Receivables (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Sep. 26, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Sep. 28, 2019 | Jun. 29, 2019 | |
Receivables [Abstract] | |||||
Allowance for loan loss | $ 789 | $ 828 | $ 163 | $ 191 | |
Commercial loans 90 days past due still accruing interest | $ 0 | ||||
Due days for loans on nonaccrual status when interest is past due and remains unpaid | 90 days | ||||
Percentage concentration of commercial loans receivables | 10.00% | 10.00% |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 112,833 | $ 109,822 |
Accumulated depreciation | (34,997) | (32,632) |
Property, plant and equipment, net | 77,836 | 77,190 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 26,804 | 26,827 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 53,743 | 52,011 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 32,286 | $ 30,984 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 1.4 | $ 1.3 | $ 2.8 | $ 2.4 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Future minimum lease payments | ||
Remainder of 2021 | $ 2,153 | |
2022 | 4,227 | |
2023 | 3,900 | |
2024 | 3,560 | |
2025 | 2,779 | |
2026 | 2,848 | |
Thereafter | 2,206 | |
Total lease payments due | 21,673 | |
Less amount representing interest | (2,657) | |
Lease liabilties | 19,016 | |
Less current portion | (4,153) | |
Long term lease liabilities | 14,863 | |
Operating leases | ||
Remainder of 2021 | 2,116 | |
2022 | 4,154 | |
2023 | 3,827 | |
2024 | 3,487 | |
2025 | 2,706 | |
2026 | 2,799 | |
Thereafter | 2,206 | |
Total operating lease payments due | 21,295 | |
Less amount representing interest | (2,612) | |
Operating lease liability | 18,683 | |
Less current portion | (4,081) | $ (4,170) |
Long term lease liabilities | 14,602 | 10,743 |
Finance Leases | ||
Remainder of 2021 | 37 | |
2022 | 73 | |
2023 | 73 | |
2024 | 73 | |
2025 | 73 | |
2026 | 49 | |
Thereafter | 0 | |
Total Finance lease payments due | 378 | |
Less amount representing interest | (45) | |
Finance lease liability | 333 | $ 366 |
Less current portion | (72) | |
Long term lease liabilities | $ 261 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Goodwill | $ 75,090 | $ 75,090 |
Indefinite lived: | ||
Gross Carrying Amount | 85,090 | 85,090 |
Net Carrying Amount | 85,090 | 85,090 |
Finite lived: | ||
Intangible Assets Including Goodwill Gross | 97,814 | 97,814 |
Accumulated Amortization | (7,988) | (7,614) |
Intangible Assets, Net (Including Goodwill) | 89,826 | 90,200 |
Customer relationships | ||
Finite lived: | ||
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | (6,780) | (6,463) |
Net Carrying Amount | 4,520 | 4,837 |
Other Intangible Assets | ||
Finite lived: | ||
Gross Carrying Amount | 1,424 | 1,424 |
Accumulated Amortization | (1,208) | (1,151) |
Net Carrying Amount | 216 | 273 |
Goodwill | ||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Goodwill | 75,090 | 75,090 |
Trademarks and trade names | ||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets including goodwill. | 8,900 | 8,900 |
State insurance licenses | ||
Acquired Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets including goodwill. | $ 1,100 | $ 1,100 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Goodwill and Other Intangibles (Textual) [Abstract] | ||||
Amortization expense on intangible assets | $ 187 | $ 151 | $ 374 | $ 231 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Accrued Expenses and Other Current Liabilities | ||
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 liability | 4,081 | 4,170 |
Accrued taxes | 3,247 | 1,908 |
Reserve for repurchase commitments | 2,463 | 2,679 |
Other | 16,545 | 16,002 |
Total accrued expenses and other current liabilities | $ 173,184 | $ 139,930 |
Warranties (Activity for Estima
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Accrual for estimated warranties | ||||
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 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Debt Obligations | ||
Secured credit facilities | $ 9,793 | $ 10,474 |
Other secured financings | 3,925 | 4,113 |
Finance lease liability | 333 | 366 |
Total debt obligations | 14,051 | 14,953 |
Secured Debt, Current | (2,118) | (2,248) |
Secured credit facilities and other | $ 11,933 | $ 12,705 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations (Narrative) (Details) $ in Millions | 6 Months Ended |
Sep. 26, 2020USD ($) | |
Debt Disclosure [Abstract] | |
Secured credit facility frequency of payments | 20-year amortization period with a balloon payment due upon maturity |
Maximum Advance under Secured Credit Facility | 80.00% |
Secured credit facilities | $ 9.8 |
Secured credit facility interest rate | 4.91% |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Reinsurance Effect on Premiums Written and Earned | ||||
Direct premiums Written | $ 4,915 | $ 4,179 | $ 10,680 | $ 9,212 |
Assumed premiums - nonaffiliate Written | 7,593 | 6,760 | 15,246 | 14,273 |
Ceded premiums - nonaffiliate Written | (2,853) | (3,029) | (6,055) | (6,016) |
Net premiums Written | 9,655 | 7,910 | 19,871 | 17,469 |
Direct premiums Earned | 5,145 | 4,653 | 10,330 | 9,223 |
Assumed premiums - nonaffiliate Earned | 7,043 | 6,592 | 13,833 | 13,027 |
Ceded premiums - nonaffiliate Earned | (2,853) | (3,029) | (6,055) | (6,016) |
Premiums Earned, Net | $ 9,335 | $ 8,216 | $ 18,108 | $ 16,234 |
Reinsurance (Details Textual)
Reinsurance (Details Textual) $ in Thousands | 6 Months Ended |
Sep. 26, 2020USD ($) | |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300 |
Insurance policies coverage per claim ceded to reinsurers | 175 |
Insurance policy risk of loss maintained per claim | 125 |
Catastrophic losses recoverable in excess of amount | 1,500 |
Aggregate catastrophic losses recoverable in excess of amount | $ 43,500 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | Mar. 28, 2020 | |
Loss Contingencies | |||||
Reserves Related to Consumer Loans Sold | $ 1,300 | $ 1,300 | $ 1,000 | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 2,463 | 2,463 | 2,679 | ||
Product repurchase | |||||
Loss Contingencies | |||||
Loss contingencies | 2,500 | 2,500 | 2,700 | ||
Product repurchase | Maximum | |||||
Loss Contingencies | |||||
Loss contingencies | 77,600 | 77,600 | $ 79,300 | ||
Letter of Credit | |||||
Loss Contingencies | |||||
Loss contingencies | 11,000 | 11,000 | |||
CountryPlace | |||||
Loss Contingencies | |||||
IRLCs recorded at fair value | 23,200 | 23,200 | |||
Recognized gain (loss) on outstanding IRLCs | (19) | $ (2) | (144) | $ (3) | |
Forward Commitments Recorded at Fair Value | 58,800 | 58,800 | |||
Recognized gain (loss) on the forward sales and whole loan commitments | $ 118 | $ 49 | $ 1,100 | $ 84 |
Commitments and Contingencies_4
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 39,094 | $ 31,136 |
Construction Advances | (14,063) | (13,400) |
Remaining construction contingent commitment | $ 25,031 | $ 17,736 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Sep. 26, 2020 | Jun. 27, 2020 | Sep. 28, 2019 | Jun. 29, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | Mar. 28, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | $ 624,007 | $ 607,586 | $ 550,337 | $ 529,588 | $ 607,586 | $ 529,588 | |
Cumulative effect of implementing ASU 2016-13, net | 386,134 | 386,134 | $ 355,144 | ||||
Net income | 15,049 | 16,674 | 20,885 | 21,282 | 31,723 | 42,167 | |
Issuance of common stock under stock incentive plans | 522 | (533) | 941 | (1,252) | |||
Stock-based compensation | 1,103 | 945 | 818 | 630 | |||
Other comprehensive income, net | 7 | 68 | 23 | 89 | |||
Ending balance | $ 640,688 | $ 624,007 | $ 573,004 | $ 550,337 | $ 640,688 | $ 573,004 | |
Common Stock | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance, common stock, shares | 9,177,064 | 9,173,242 | 9,111,624 | 9,098,320 | 9,173,242 | 9,098,320 | |
Issuance of common stock under stock incentive plans, shares | 11,098 | 3,822 | 15,842 | 13,304 | |||
Ending balance, common stock, shares | 9,188,162 | 9,177,064 | 9,127,466 | 9,111,624 | 9,188,162 | 9,127,466 | |
Beginning balance | $ 92 | $ 92 | $ 91 | $ 91 | $ 92 | $ 91 | |
Net income | 0 | 0 | 0 | 0 | |||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | |||
Stock-based compensation | 0 | 0 | 0 | 0 | |||
Other comprehensive income, net | 0 | 0 | 0 | 0 | |||
Ending balance | 92 | 92 | 91 | 91 | 92 | 91 | |
Additional paid-in capital | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | 252,672 | 252,260 | 248,825 | 249,447 | 252,260 | 249,447 | |
Net income | 0 | 0 | 0 | 0 | |||
Issuance of common stock under stock incentive plans | 522 | (533) | 941 | (1,252) | |||
Stock-based compensation | 1,103 | 945 | 818 | 630 | |||
Other comprehensive income, net | 0 | 0 | 0 | 0 | |||
Ending balance | 254,297 | 252,672 | 250,584 | 248,825 | 254,297 | 250,584 | |
Retained earnings | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | 371,085 | 355,144 | 301,360 | 280,078 | 355,144 | 280,078 | |
Net income | 15,049 | 16,674 | 20,885 | 21,282 | |||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | |||
Stock-based compensation | 0 | 0 | 0 | 0 | |||
Other comprehensive income, net | 0 | 0 | 0 | 0 | |||
Ending balance | 386,134 | 371,085 | 322,245 | 301,360 | 386,134 | 322,245 | |
Accumulated other comprehensive income (loss) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning balance | 158 | 90 | 61 | (28) | 90 | (28) | |
Net income | 0 | 0 | 0 | 0 | |||
Issuance of common stock under stock incentive plans | 0 | 0 | 0 | 0 | |||
Stock-based compensation | 0 | 0 | 0 | 0 | |||
Other comprehensive income, net | 7 | 68 | 23 | 89 | |||
Ending balance | $ 165 | $ 158 | $ 84 | $ 61 | $ 165 | $ 84 | |
Accounting Standards Update 2016-13 | Cumulative effect of implementing ASU 2016-13, net | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementing ASU 2016-13, net | (733) | ||||||
Accounting Standards Update 2016-13 | Common Stock | Cumulative effect of implementing ASU 2016-13, net | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementing ASU 2016-13, net | 0 | ||||||
Accounting Standards Update 2016-13 | Additional paid-in capital | Cumulative effect of implementing ASU 2016-13, net | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementing ASU 2016-13, net | 0 | ||||||
Accounting Standards Update 2016-13 | Retained earnings | Cumulative effect of implementing ASU 2016-13, net | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementing ASU 2016-13, net | (733) | ||||||
Accounting Standards Update 2016-13 | Accumulated other comprehensive income (loss) | Cumulative effect of implementing ASU 2016-13, net | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of implementing ASU 2016-13, net | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 26, 2020 | Jun. 27, 2020 | Sep. 28, 2019 | Jun. 29, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Earnings Per Share Computation | ||||||
Net income attributable to Cavco common stockholders | $ 15,049 | $ 16,674 | $ 20,885 | $ 21,282 | $ 31,723 | $ 42,167 |
Weighted average shares outstanding: | ||||||
Basic (in shares) | 9,182,945 | 9,119,835 | 9,178,609 | 9,111,260 | ||
Common stock equivalents - treasury stock method (in shares) | 112,464 | 146,250 | 101,471 | 130,574 | ||
Diluted (in shares) | 9,295,409 | 9,266,085 | 9,280,080 | 9,241,834 | ||
Net income per share attributable to Cavco common stockholders: | ||||||
Basic (usd per share) | $ 1.64 | $ 2.29 | $ 3.46 | $ 4.63 | ||
Diluted (usd per share) | $ 1.62 | $ 2.25 | $ 3.42 | $ 4.56 | ||
Stock Options | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive stock equivalents excluded from computation | 20,582 | 22,536 | 30,182 | 42,401 | ||
Performance-Based Awards | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Anti-dilutive stock equivalents excluded from computation | 14,405 | 11,450 |
Fair Value Measurements (Book V
Fair Value Measurements (Book Value and Estimated Fair Value) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 | |
Non Recurring | |||
Financial Instruments | |||
Commercial loans receivable | $ 41,144 | $ 46,819 | |
Securitized financings and other | 13,638 | 15,592 | |
Level 1 | Non Recurring | |||
Financial Instruments | |||
Commercial loans receivable | 0 | 0 | |
Securitized financings and other | 0 | 0 | |
Level 2 | Non Recurring | |||
Financial Instruments | |||
Commercial loans receivable | 0 | 0 | |
Securitized financings and other | 13,638 | 15,592 | |
Level 3 | Non Recurring | |||
Financial Instruments | |||
Commercial loans receivable | 41,144 | 46,819 | |
Securitized financings and other | 0 | 0 | |
Book Value | |||
Financial Instruments | |||
Non-marketable equity investments | [1] | 21,400 | 21,536 |
Consumer loans receivable | [2] | 81,840 | 82,304 |
Interest rate lock commitment derivatives | [3] | 21 | 164 |
Forward loan sale commitment derivatives | [3] | 123 | (1,011) |
Commercial loans receivable | 41,478 | 46,565 | |
Securitized financings and other | 14,051 | 14,953 | |
Book Value | Available-for-sale debt securities | |||
Financial Instruments | |||
Investments | [4] | 12,676 | 14,774 |
Book Value | Marketable equity securities | |||
Financial Instruments | |||
Investments | [4] | 12,791 | 9,829 |
Estimated Fair Value | |||
Financial Instruments | |||
Non-marketable equity investments | [1] | 21,400 | 21,536 |
Consumer loans receivable | [2] | 98,045 | 97,395 |
Interest rate lock commitment derivatives | [3] | 21 | 164 |
Forward loan sale commitment derivatives | [3] | 123 | (1,011) |
Commercial loans receivable | 41,144 | 46,819 | |
Securitized financings and other | 13,638 | 15,592 | |
Estimated Fair Value | Available-for-sale debt securities | |||
Financial Instruments | |||
Investments | [4] | 12,676 | 14,774 |
Estimated Fair Value | Marketable equity securities | |||
Financial Instruments | |||
Investments | [4] | $ 12,791 | $ 9,829 |
[1] | Unrealized gains or losses on investments are recorded in earnings at each measurement date. | ||
[2] | Gains or losses on derivatives are recorded in earnings through Cost of sales. | ||
[3] | Changes in the fair value of mortgage servicing rights are recorded in earnings through Net revenue. | ||
[4] | Unrealized gains or losses on investments are recorded in Accumulated other comprehensive income at each measurement date. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 3,641 | 5,443 |
Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,278 | 4,370 |
Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,757 | 4,961 |
Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 12,791 | 9,829 |
Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 21 | 164 |
Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 123 | |
Derivatives (liability) | (1,011) | |
Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 1,058 | 1,225 |
Level 1 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 1 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 12,791 | 9,829 |
Level 1 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | 0 |
Level 1 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | |
Derivatives (liability) | 0 | |
Level 1 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Level 2 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 3,641 | 5,443 |
Level 2 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,278 | 4,370 |
Level 2 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 4,757 | 4,961 |
Level 2 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 2 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | 0 |
Level 2 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 0 | |
Derivatives (liability) | 0 | |
Level 2 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | 0 | 0 |
Level 3 | Recurring | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Securities issued by states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Investments | 0 | 0 |
Level 3 | Recurring | Interest rate lock commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 21 | 164 |
Level 3 | Recurring | Forward loan sale commitment derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives (asset) | 123 | |
Derivatives (liability) | (1,011) | |
Level 3 | Recurring | Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 26, 2020 | Mar. 28, 2020 |
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Non-marketable equity investments | $ 21,400 | $ 21,536 |
Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 64,043 | 68,503 |
Loans held for sale | 19,939 | 15,492 |
Construction Loan | 14,063 | 13,400 |
Commercial loans receivable | 41,144 | 46,819 |
Securitized financings and other | (13,638) | (15,592) |
Non-marketable equity investments | 21,400 | 21,536 |
Level 1 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Construction Loan | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | 0 | 0 |
Non-marketable equity investments | 0 | 0 |
Level 2 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 0 | 0 |
Loans held for sale | 0 | 0 |
Construction Loan | 0 | 0 |
Commercial loans receivable | 0 | 0 |
Securitized financings and other | (13,638) | (15,592) |
Non-marketable equity investments | 0 | 0 |
Level 3 | Non Recurring | ||
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | ||
Loans held for investment | 64,043 | 68,503 |
Loans held for sale | 19,939 | 15,492 |
Construction Loan | 14,063 | 13,400 |
Commercial loans receivable | 41,144 | 46,819 |
Securitized financings and other | 0 | 0 |
Non-marketable equity investments | $ 21,400 | $ 21,536 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands | Sep. 26, 2020USD ($)Loans | Mar. 28, 2020USD ($)Loans |
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,671 | 4,688 |
Weighted average servicing fee | 0.3181% | 0.3112% |
Capitalized servicing multiple | 56.49% | 67.19% |
Capitalized servicing rate | 0.1797% | 0.2091% |
Serviced portfolio with MSRs | $ 588,955 | $ 585,777 |
Mortgage servicing rights | $ 1,058 | $ 1,225 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 6 Months Ended |
Sep. 26, 2020USD ($) | |
Fair Value Measurements (Textual) [Abstract] | |
Fair Value, Assets, Level 1, Level 2, or Level 3 Transfers, Amount | $ 0 |
Impairment charges on assets held for sale or held and used | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | Mar. 28, 2020 | |
Related Party Transactions [Abstract] | |||||
Net Revenue | $ 10.3 | $ 10.4 | $ 23 | $ 23.8 | |
Commercial loans receivable | 7.3 | 7.3 | $ 8.2 | ||
Accounts receivable | $ 2.9 | $ 2.9 | $ 1.7 |
Acquisition of Destiny Homes Pr
Acquisition of Destiny Homes Pro-forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020 | Sep. 28, 2019 | Sep. 26, 2020 | Sep. 28, 2019 | |
Business Combinations [Abstract] | ||||
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 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 26, 2020USD ($) | Sep. 28, 2019USD ($) | Sep. 26, 2020USD ($)Segment | Sep. 28, 2019USD ($) | |
Business Segment Information | ||||
Number of operating segments | Segment | 2 | |||
Net revenue | $ 257,976 | $ 268,675 | $ 512,777 | $ 532,717 |
Income before income taxes | 19,596 | 27,255 | 41,276 | 54,617 |
Factory-built housing | ||||
Business Segment Information | ||||
Net revenue | 240,967 | 252,690 | 479,057 | 501,458 |
Income before income taxes | 17,452 | 22,463 | 35,902 | 46,776 |
Financial services | ||||
Business Segment Information | ||||
Net revenue | 17,009 | 15,985 | 33,720 | 31,259 |
Income before income taxes | $ 2,144 | $ 4,792 | $ 5,374 | $ 7,841 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 6 Months Ended |
Sep. 26, 2020USD ($) | |
Subsequent Events [Abstract] | |
Date of subsequent event | Oct. 27, 2020 |
Subsequent event | the Company’s Board of Directors approved a $100 million stock repurchase program |
Stock repurchase program authorized amount | $ 10,000 |