Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 03, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000278166 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
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 $0.01 | |
Trading Symbol | CVCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 9,187,030 | |
Current Fiscal Year End Date | --04-02 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Current assets | ||
Cash and cash equivalents | $ 329,753 | $ 322,279 |
Restricted cash, current | 16,728 | 16,693 |
Accounts receivable, net | 51,054 | 47,396 |
Short-term investments | 19,749 | 19,496 |
Current portion of consumer loans receivable, net | 32,429 | 37,690 |
Current portion of commercial loans receivable, net | 16,500 | 14,568 |
Current portion of commercial loans receivable from affiliates, net | 2,113 | 4,664 |
Inventories | 150,917 | 131,234 |
Prepaid expenses and other current assets | 48,621 | 57,779 |
Total current assets | 667,864 | 651,799 |
Restricted cash | 335 | 335 |
Investments | 38,192 | 35,010 |
Consumer loans receivable, net | 35,095 | 37,108 |
Commercial loans receivable, net | 21,245 | 20,281 |
Commercial loans receivable from affiliates, net | 4,730 | 4,801 |
Property, plant and equipment, net | 97,981 | 96,794 |
Goodwill | 75,090 | 75,090 |
Other intangibles, net | 14,190 | 14,363 |
Operating lease right-of-use assets | 16,150 | 16,252 |
Total assets | 970,872 | 951,833 |
Current liabilities | ||
Accounts payable | 30,175 | 32,120 |
Accrued expenses and other current liabilities | 210,190 | 203,133 |
Current portion of secured financings and other | 1,822 | 1,851 |
Total current liabilities | 242,187 | 237,104 |
Operating lease liabilties | 13,085 | 13,361 |
Secured financings and other | 9,927 | 10,335 |
Deferred income taxes | 6,606 | 7,393 |
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; Issued 9,245,721 and 9,241,256 shares, respectively | 92 | 92 |
Treasury stock, at cost; 67,901 and 6,600 shares, respectively | (14,283) | (1,441) |
Additional paid-in capital | 255,071 | 253,835 |
Retained earnings | 458,103 | 431,057 |
Accumulated other comprehensive income | 84 | 97 |
Total stockholders' equity | 699,067 | 683,640 |
Total liabilities and stockholders' equity | $ 970,872 | $ 951,833 |
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 | 9,245,721 | 9,241,256 |
Treasury Stock, Common, Shares | 67,901 | 6,600 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Income Statement [Abstract] | ||
Net revenue | $ 330,422 | $ 254,801 |
Cost of sales | 256,409 | 199,478 |
Gross profit | 74,013 | 55,323 |
Selling, general and administrative expenses | 40,832 | 35,323 |
Income from operations | 33,181 | 20,000 |
Interest expense | (164) | (196) |
Other income, net | 2,461 | 1,876 |
Income before income taxes | 35,478 | 21,680 |
Income tax expense | (8,432) | (5,006) |
Net income | 27,046 | 16,674 |
Comprehensive income: | ||
Net income | 27,046 | 16,674 |
Reclassification adjustment for securities sold | 1 | 26 |
Applicable income taxes | 0 | (5) |
Net change in unrealized position of investments held | (18) | 59 |
Applicable income taxes | 4 | (12) |
Total comprehensive income | $ 27,033 | $ 16,742 |
Net income per share attributable to Cavco common stockholders: | ||
Basic (usd per share) | $ 2.94 | $ 1.82 |
Diluted (usd per share) | $ 2.92 | $ 1.80 |
Weighted average shares outstanding: | ||
Basic (in shares) | 9,198,229 | 9,174,182 |
Diluted (in shares) | 9,276,529 | 9,264,661 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 27,046 | $ 16,674 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,576 | 1,613 |
Provision for credit losses | (239) | (884) |
Deferred income taxes | (783) | 406 |
Stock-based compensation expense | 1,100 | 945 |
Non-cash interest income, net | (394) | (2,186) |
Gain (loss) on sale or retirement of property, plant and equipment, net | (35) | 289 |
Gain on investments and sale of loans, net | (5,579) | (4,982) |
Changes in operating assets and liabilities | ||
Accounts receivable | (3,659) | 4,629 |
Consumer loans receivable originated | (42,706) | (47,356) |
Proceeds from sale of consumer loans | 49,631 | 39,271 |
Principal payments on consumer loans receivable | 3,929 | 3,261 |
Inventories | (19,683) | 7,139 |
Prepaid expenses and other current assets | 2,801 | 7,128 |
Commercial loans receivable | (243) | 2,556 |
Accounts payable and accrued expenses and other current liabilities | 11,513 | 7,189 |
Net cash provided by operating activities | 24,275 | 35,692 |
INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (2,593) | (1,856) |
Proceeds from sale of property, plant and equipment | 38 | 5 |
Purchases of investments | (4,429) | (1,160) |
Proceeds from sale of investments | 3,368 | 3,116 |
Net cash (used in) provided by investing activities | (3,616) | 105 |
FINANCING ACTIVITIES | ||
Proceeds from (payments for) exercise of stock options | 136 | (533) |
Proceeds from secured financings and other | 0 | 64 |
Payments on secured financings and other | (444) | (453) |
Payments for common stock repurchases | (12,842) | 0 |
Net cash used in financing activities | (13,150) | (922) |
Net increase in cash, cash equivalents and restricted cash | 7,509 | 34,875 |
Cash, cash equivalents and restricted cash at beginning of the fiscal year | 339,307 | 255,607 |
Cash, cash equivalents and restricted cash at end of the period | 346,816 | 290,482 |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | 4,774 | 2,536 |
Cash paid for interest | 100 | 127 |
Supplemental disclosures of noncash activity | ||
Change in GNMA loans eligible for repurchase | (6,607) | 1,242 |
Right-of-use assets recognized | 708 | 5,559 |
Operating lease obligations incurred | $ 708 | $ 5,559 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 03, 2021 | |
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, "we," "us," "our," 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 are necessary to fairly state the results for the periods presented. We have 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 20 of the Notes to Consolidated Financial Statements ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended July 3, 2021, 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 our 2021 Annual Report on Form 10-K for the year ended April 3, 2021, filed with the SEC ("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 pandemic ("COVID-19") has 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 current fiscal year will end on April 2, 2022 and will include 52 weeks. We operate in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. We design and build 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 our 40 Company-owned retail stores. The financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Company ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association and Federal Home Loan Mortgage Corporation seller/servicer and a Government National Mortgage Association ("GNMA") 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. For a description of significant accounting policies we used in the preparation of our 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 | 3 Months Ended |
Jul. 03, 2021 | |
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 July 3, June 27, Factory-built housing U.S. Housing and Urban Development code homes $ 262,390 $ 189,446 Modular homes 26,617 20,783 Park model RVs 9,671 13,722 Other 13,605 14,139 312,283 238,090 Financial services Insurance agency commissions received from third-party insurance companies 873 770 Other 17,266 15,941 18,139 16,711 $ 330,422 $ 254,801 |
Restricted Cash
Restricted Cash | 3 Months Ended |
Jul. 03, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Restricted cash consisted of the following (in thousands): July 3, April 3, Cash related to CountryPlace customer payments to be remitted to third parties $ 15,928 $ 16,049 Other restricted cash 1,135 979 17,063 17,028 Less current portion (16,728) (16,693) $ 335 $ 335 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): July 3, April 3, Cash and cash equivalents $ 329,753 $ 322,279 Restricted cash 17,063 17,028 $ 346,816 $ 339,307 |
Investments
Investments | 3 Months Ended |
Jul. 03, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consisted of the following (in thousands): July 3, April 3, Available-for-sale debt securities $ 17,962 $ 14,946 Marketable equity securities 17,550 17,600 Non-marketable equity investments 22,429 21,960 57,941 54,506 Less current portion (19,749) (19,496) $ 38,192 $ 35,010 Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of July 3, 2021 and April 3, 2021, non-marketable equity investments included contributions of $15.0 million t o equity-method investments in community-based initiatives that buy and sell our 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 our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): July 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,609 $ 26 $ (11) $ 2,624 State and political subdivision debt securities 8,265 109 (19) 8,355 Corporate debt securities 6,982 12 (11) 6,983 $ 17,856 $ 147 $ (41) $ 17,962 April 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,787 $ 30 $ (13) $ 2,804 State and political subdivision debt securities 7,239 125 (19) 7,345 Corporate debt securities 4,797 11 (11) 4,797 $ 14,823 $ 166 $ (43) $ 14,946 We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of July 3, 2021. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of our 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. July 3, 2021 Amortized Fair Due in less than one year $ 1,518 $ 1,519 Due after one year through five years 11,033 11,028 Due after five years through ten years 1,391 1,450 Due after ten years 1,305 1,341 Mortgage-backed securities 2,609 2,624 $ 17,856 $ 17,962 There were no gross gains or losses realized on the sale of available-for-sale debt securities during t he three months ended July 3, 2021 or June 27, 2020. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended July 3, June 27, Marketable equity securities Net gain recognized during the period $ 1,696 $ 2,030 Less: Net gains recognized on securities sold during the period (136) (33) Unrealized gains recognized during the period on securities still held $ 1,560 $ 1,997 |
Inventories
Inventories | 3 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following (in thousands): July 3, April 3, Raw materials $ 69,123 $ 54,336 Work in process 20,426 19,149 Finished goods 61,368 57,749 $ 150,917 $ 131,234 |
Consumer Loans Receivable
Consumer Loans Receivable | 3 Months Ended |
Jul. 03, 2021 | |
Receivables [Abstract] | |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands): July 3, April 3, Loans held for investment, previously securitized $ 30,384 $ 31,949 Loans held for investment 17,565 18,690 Loans held for sale 13,542 15,587 Construction advances 10,479 13,801 71,970 80,027 Deferred financing fees and other, net (1,528) (2,041) Allowance for loan losses (2,918) (3,188) 67,524 74,798 Less current portion (32,429) (37,690) $ 35,095 $ 37,108 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 July 3, June 27, Allowance for loan losses at beginning of period $ 3,188 $ 1,767 Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") — 2,276 Change in estimated loan losses, net (267) 161 Charge-offs (3) (192) Allowance for loan losses at end of period $ 2,918 $ 4,012 The consumer loans held for investment had the following characteristics: July 3, April 3, Weighted average contractual interest rate 8.2 % 8.3 % Weighted average effective interest rate 8.8 % 9.3 % Weighted average months to maturity 160 162 The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands): July 3, April 3, Current $ 68,258 $ 76,378 31 to 60 days 192 508 61 to 90 days 3,112 21 91+ days 408 3,120 $ 71,970 $ 80,027 The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): July 3, 2021 2022 2021 2020 2019 2018 Prior Total Prime- FICO score 680 and greater $ 5,068 $ 10,500 $ 2,970 $ 1,578 $ 770 $ 24,028 $ 44,914 Near Prime- FICO score 620-679 2,312 6,528 2,159 1,676 1,360 10,353 24,388 Sub-Prime- FICO score less than 620 — 260 53 — — 1,605 1,918 No FICO score 150 149 — 27 — 424 750 $ 7,530 $ 17,437 $ 5,182 $ 3,281 $ 2,130 $ 36,410 $ 71,970 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Prime- FICO score 680 and greater $ 18,250 $ 3,575 $ 1,718 $ 971 $ 1,959 $ 23,375 $ 49,848 Near Prime- FICO score 620-679 10,227 2,744 1,794 1,364 500 10,401 27,030 Sub-Prime- FICO score less than 620 348 53 — — 84 1,579 2,064 No FICO score 576 — 28 — — 481 1,085 $ 29,401 $ 6,372 $ 3,540 $ 2,335 $ 2,543 $ 35,836 $ 80,027 As of July 3, 2021 and April 3, 2021 , 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 20% was concentrated in Florida. Other than Texas and Florida, no sta te had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of July 3, 2021 or April 3, 2021. Repossessed homes totaled approximately $493,000 and $518,000 as of July 3, 2021 and April 3, 2021, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $1.0 million and $1.1 million as of July 3, 2021 and April 3, 2021, respectively. |
Commercial Loans Receivable
Commercial Loans Receivable | 3 Months Ended |
Jul. 03, 2021 | |
Receivables [Abstract] | |
Commercial Loans Receivable | Commercial Loans Receivable The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community owners and developers and amounts loaned by us under participation financing programs. Commercial loans receivable, net consisted of the following (in thousands): July 3, April 3, Loans receivable $ 45,620 $ 45,377 Allowance for loan losses (785) (816) Deferred financing fees, net (247) (247) 44,588 44,314 Less current portion of commercial loans receivable (including from affiliates), net (18,613) (19,232) $ 25,975 $ 25,082 The commercial loans receivable balance had the following characteristics: July 3, April 3, Weighted average contractual interest rate 6.0 % 6.4 % Weighted average months to maturity 10 11 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 July 3, June 27, Balance at beginning of period $ 816 $ 393 Impact of adoption of ASU 2016-13 — 435 Change in estimated loan losses, net (31) — Balance at end of period $ 785 $ 828 As of July 3, 2021 and April 3, 2021, there were no commercial loans considered watch list or nonperforming. The following table disaggregates our commercial loans receivable by fiscal year of origination (in thousands): July 3, 2021 2022 2021 2020 2019 2018 Prior Total Performing $ 15,150 $ 19,119 $ 5,973 $ 2,689 $ 1,743 $ 946 $ 45,620 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Performing $ 30,627 $ 8,677 $ 3,206 $ 1,864 $ 1,003 $ — $ 45,377 At July 3, 2021, there were no commercial loans 90 days or more past due that were still accruing interest and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance. As of July 3, 2021, 14% of our outstanding commercial loans receivable principal balance was concentrated in Arizona and 13% was concentrated in California. As of April 3, 2021, 13% of our outstanding commercial loans receivable principal balance was concentrated in Arizona. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of July 3, 2021 or April 3, 2021. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 3 Months Ended |
Jul. 03, 2021 | |
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): July 3, April 3, Property, plant and equipment, at cost Land $ 28,314 $ 28,314 Buildings and improvements 73,415 71,827 Machinery and equipment 35,075 34,146 136,804 134,287 Accumulated depreciation (38,823) (37,493) $ 97,981 $ 96,794 Depreciation expense was $1.4 million for each of the three month periods ended July 3, 2021 and June 27, 2020. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Jul. 03, 2021 | |
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): July 3, 2021 April 3, 2021 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 (7,255) 4,045 11,300 (7,097) 4,203 Other 1,424 (1,279) 145 1,424 (1,264) 160 $ 97,814 $ (8,534) $ 89,280 $ 97,814 $ (8,361) $ 89,453 Amortization expense recognized on intangible assets was $173,000 and $187,000 for the three months ended July 3, 2021 and June 27, 2020, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Jul. 03, 2021 | |
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): July 3, April 3, Customer deposits $ 48,989 $ 41,835 Salaries, wages and benefits 37,176 37,737 Unearned insurance premiums 24,125 22,643 Company repurchase options on certain loans sold 19,432 25,938 Estimated warranties 19,344 18,032 Accrued volume rebates 14,097 12,132 Other 47,027 44,816 $ 210,190 $ 203,133 |
Warranties
Warranties | 3 Months Ended |
Jul. 03, 2021 | |
Product Warranties Disclosures [Abstract] | |
Warranties | Warranties Activity in the liability for estimated warranties was as follows (in thousands): Three Months Ended July 3, June 27, Balance at beginning of period $ 18,032 $ 18,678 Charged to costs and expenses 9,125 6,347 Payments and deductions (7,813) (6,487) Balance at end of period $ 19,344 $ 18,538 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 3 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations Debt and finance lease obligations primarily consist of secured financings at our finance subsidiary and lease obligations for which it is expected that we will obtain ownership of the leased assets at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands): July 3, April 3, Secured term loan $ 7,980 $ 8,210 Other secured financings 3,473 3,672 Finance lease obligations 296 304 11,749 12,186 Less current portion (1,822) (1,851) $ 9,927 $ 10,335 We entered into secured credit facilities with independent third-party banks to originate and hold consumer home-only loans secured by manufactured homes, which were pledged as collateral to the facilities. Those facilities have since been converted into an amortizing loan with maturity dates starting in 2028 and payments based on a 20 or 25-year amortization period, resulting in a balloon payment due upon maturity. The outstanding balance of the converted loans was $8.0 million as of July 3, 2021 and $8.2 million as of April 3, 2021 with a weighted average interest rate of 4.9%. |
Reinsurance and Insurance Loss
Reinsurance and Insurance Loss Reserves | 3 Months Ended |
Jul. 03, 2021 | |
Insurance [Abstract] | |
Reinsurance and Insurance Loss Reserves | Reinsurance and Insurance Loss Reserves Certain of Standard Casualty's premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. We remain obligated for amounts ceded in the event that the reinsurers do not meet their obligations. The effects of reinsurance on premiums written and earned were as follows (in thousands): Three Months Ended July 3, 2021 June 27, 2020 Written Earned Written Earned Direct premiums $ 6,839 $ 5,996 $ 5,765 $ 5,185 Assumed premiums—nonaffiliated 8,574 7,378 7,653 6,790 Ceded premiums—nonaffiliated (3,647) (3,647) (3,202) (3,202) $ 11,766 $ 9,727 $ 10,216 $ 8,773 Typical insurance policies written or assumed have a maximum coverage of $300,000 per claim, of which we cede $150,000 of the risk of loss per reinsurance. Therefore, our risk of loss is limited to $150,000 per claim on typical policies, subject to the reinsurers meeting their obligations. After this limit, amounts are recoverable through reinsurance for catastrophic losses in excess of $2 million per occurrence, up to a maximum of $55 million in the aggregate for that occurrence. Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the three months ended July 3, 2021 and June 27, 2020 (in thousands): Three Months Ended July 3, June 27, Balance at beginning of period $ 7,451 $ 5,582 Net incurred losses during the year 7,975 5,982 Net claim payments during the year (7,078) (4,834) Balance at end of period $ 8,348 $ 6,730 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Repurchase Contingencies . We are contingently liable under terms of repurchase agreements with financial institutions providing inventory financing to independent distributors of our 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 we were liable under such agreements approximated $80.9 million and $74.2 million at July 3, 2021 and April 3, 2021, respectively, without reduction for the resale value of the homes that are repurchased. We had a reserve for repurchase commitments of $2.3 million at July 3, 2021 and April 3, 2021. Construction-Period Mortgages. We fund construction-period mortgages through periodic advances during home construction. At the time of initial funding, we commit to fully fund the loan contract in accordance with a predetermined schedule. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): July 3, April 3, Construction loan contract amount $ 28,204 $ 37,628 Cumulative advances (10,479) (13,801) $ 17,725 $ 23,827 Representations and Warranties of Mortgages Sold . We sell loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, we provide to GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, we may be required to repurch ase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obliga tions. This reserve of $1.3 million as of July 3, 2021 and $1.2 million as of April 3, 2021, included in Accrued expenses and other current liabilities, reflects management's estimate of probable loss. There were no claim requests that resulted in the execution of an indemnification agreement or in the repurchase of a loan during the three months ended July 3, 2021. Interest Rate Lock Commitments . In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs bind us 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 July 3, 2021, we had outstanding IRLCs with a notional amount of $32.1 million and recognized a gain of $47,000 in the 2022 first quarter and a loss of $125,000 in the 2021 first quarter . Forward Sales Commitments . We manage the risk profiles of a portion of the outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments (collectively "Commitments"). As of July 3, 2021, we had $42.9 million in outstanding Commitments and recognized a non-cash loss of $347,000 in the 2022 first quarter and gain of $1.0 million in the 2021 first quarter . Legal Matters. Since 2018, we have 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. As previously disclosed, in November 2020, the SEC staff issued a Wells Notice to Cavco stating that the staff intends to recommend an enforcement action against us in connection with the investigation. While we cannot predict with certainty the resolution of this matter, we do not expect it to have a material adverse effect on our Consolidated Financial Statements. We are 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 our consolidated financial position, liquidity or results of operations after taking into account any existing reserves, which reserves are 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 our consolidated financial position, liquidity or results of operations in any future reporting periods. |
Legal Matters | Legal Matters. Since 2018, we have 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. As previously disclosed, in November 2020, the SEC staff issued a Wells Notice to Cavco stating that the staff intends to recommend an enforcement action against us in connection with the investigation. While we cannot predict with certainty the resolution of this matter, we do not expect it to have a material adverse effect on our Consolidated Financial Statements. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jul. 03, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders' Equity The following table represents changes in stockholders' equity during the three months ended July 3, 2021 (dollars in thousands): Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Common Stock Shares Amount Balance, April 3, 2021 9,241,256 $ 92 $ (1,441) $ 253,835 $ 431,057 $ 97 $ 683,640 Net income — — — — 27,046 — 27,046 Other comprehensive income, net — — — — — (13) (13) Issuance of common stock under stock incentive plans 4,465 — — 136 — — 136 Stock-based compensation — — — 1,100 — — 1,100 Common stock repurchases — — (12,842) — — — (12,842) Balance, July 3, 2021 9,245,721 $ 92 $ (14,283) $ 255,071 $ 458,103 $ 84 $ 699,067 The following table represents changes in stockholders' equity during the three months ended June 27, 2020 (dollars in thousands): Treasury Stock 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 Other comprehensive income, net — — — — — 68 68 Issuance of common stock under stock incentive plans 3,822 — — (533) — — (533) Stock-based compensation — — — 945 — — 945 Balance, June 27, 2020 9,177,064 $ 92 $ — $ 252,672 $ 371,085 $ 158 $ 624,007 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jul. 03, 2021 | |
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 July 3, June 27, Net income $ 27,046 $ 16,674 Weighted average shares outstanding Basic 9,198,229 9,174,182 Effect of dilutive securities 78,300 90,479 Diluted 9,276,529 9,264,661 Net income per share Basic $ 2.94 $ 1.82 Diluted $ 2.92 $ 1.80 There were 8,366 anti-dilutive common stock equivalents excluded from the computation of diluted earnings per share for the three months ended July 3, 2021 and 39,996 for the three months ended June 27, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The book value and estimated fair value of our financial instruments were as follows (in thousands): July 3, 2021 April 3, 2021 Book Estimated Book Estimated Available-for-sale debt securities $ 17,962 $ 17,962 $ 14,946 $ 14,946 Marketable equity securities 17,550 17,550 17,600 17,600 Non-marketable equity investments 22,429 22,429 21,960 21,960 Consumer loans receivable 67,524 76,466 74,798 86,209 Commercial loans receivable 44,588 42,586 44,314 42,379 Secured financings other (11,749) (11,810) (12,186) (12,340) 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 we use in determining fair value. 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. MSRs are initially recorded at fair value. July 3, April 3, Number of loans serviced with MSRs 4,614 4,647 Weighted average servicing fee (basis points) 33.86 33.57 Capitalized servicing multiple 67.3 % 45.9 % Capitalized servicing rate (basis points) 22.78 15.42 Serviced portfolio with MSRs (in thousands) $ 594,373 $ 593,939 MSRs (in thousands) $ 1,354 $ 916 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 03, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have non-marketable equity investments in other distribution operations outside of Company-owned retail stores. In the ordinary course of business, we sell homes and lend to certain of these operations through our commercial lending programs. For the three months ended July 3, 2021 and June 27, 2020, the total amount of sales to related parties was $14.8 million and |
Business Segment Information
Business Segment Information | 3 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information We operate principally in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations and (2) financial services, which includes manufactured housing consumer finance and insurance. The following table provides selected financial data by segment (in thousands): Three Months Ended July 3, June 27, Net revenue Factory-built housing $ 312,283 $ 238,090 Financial services 18,139 16,711 $ 330,422 $ 254,801 Income before income taxes Factory-built housing $ 33,559 $ 18,450 Financial services 1,919 3,230 $ 35,478 $ 21,680 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jul. 03, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On July 23, 2021, we entered into an agreement to acquire the business and certain assets and liabilities of The Commodore Corporation ("Commodore"), including its six manufacturing and two retail locations. Commodore is the largest private independent builder of manufactured and modular housing in the United States, operating under a variety of strong brand names. Commodore operates across the Northeast, Midwest and Mid-Atlantic regions, with wholly owned retail stores. In addition to manufacturing, Commodore also has a commercial lending portfolio with its dealers that we will acquire and continue. For the last 12 months ended March 31, 2021, Commodore generated net sales of approximately $258 million and sold over 6,600 modules, equating to over 3,700 homes. The purchase price totals $153 million, before certain adjustments that will be determined upon close of the transaction. The estimated cash outlay is $140 million after adjustments and including transaction fees. We expect to fund the acquisition entirely with cash on hand. The transaction is expected to close in our third quarter of fiscal year 2022, subject to applicable regulatory approvals and satisfaction of certain customary conditions. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jul. 03, 2021 | |
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, "we," "us," "our," 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 are necessary to fairly state the results for the periods presented. We have 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 20 of the Notes to Consolidated Financial Statements ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended July 3, 2021, 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 our 2021 Annual Report on Form 10-K for the year ended April 3, 2021, filed with the SEC ("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 pandemic ("COVID-19") has 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 current fiscal year will end on April 2, 2022 and will include 52 weeks. |
Significant Accounting Policies | For a description of significant accounting policies we used in the preparation of our 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) | 3 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Accounting policy for debt | We entered into secured credit facilities with independent third-party banks to originate and hold consumer home-only loans secured by manufactured homes, which were pledged as collateral to the facilities. Those facilities have since been converted into an amortizing loan with maturity dates starting in 2028 and payments based on a 20 or 25-year amortization period, resulting in a balloon payment due upon maturity. The outstanding balance of the converted loans was $8.0 million as of July 3, 2021 and $8.2 million as of April 3, 2021 with a weighted average interest rate of 4.9%. |
Commitments and Contingencies (
Commitments and Contingencies (Policies) | 3 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Repurchase Contingencies | Repurchase Contingencies . We are contingently liable under terms of repurchase agreements with financial institutions providing inventory financing to independent distributors of our 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 we were liable under such agreements approximated $80.9 million and $74.2 million at July 3, 2021 and April 3, 2021, respectively, without reduction for the resale value of the homes that are repurchased. We had a reserve for repurchase commitments of $2.3 million at July 3, 2021 and April 3, 2021. |
Representations and Warranties of Mortgages Sold | Representations and Warranties of Mortgages Sold . We sell loans to Government-Sponsored Enterprises ("GSEs") and whole-loan purchasers and finance certain loans with long-term credit facilities secured by the respective loans. In connection with these activities, we provide to GSEs and whole-loan purchasers and lenders representations and warranties related to the loans sold or financed. Upon a breach of a representation, we may be required to repurch ase the loan or to indemnify a party for incurred losses. We maintain a reserve for these contingent repurchase and indemnification obliga |
Derivatives | Interest Rate Lock Commitments . In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers. These IRLCs bind us 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 July 3, 2021, we had outstanding IRLCs with a notional amount of $32.1 million and recognized a gain of $47,000 in the 2022 first quarter and a loss of $125,000 in the 2021 first quarter . Forward Sales Commitments . We manage the risk profiles of a portion of the outstanding IRLCs and mortgage loans held for sale by entering into forward sales of mortgage-backed securities ("MBS") and whole loan sale commitments (collectively "Commitments"). As of July 3, 2021, we had $42.9 million in outstanding Commitments and recognized a non-cash loss of $347,000 in the 2022 first quarter and gain of $1.0 million in the 2021 first quarter . |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Jul. 03, 2021 | |
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 we use in determining fair value. |
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. MSRs are initially recorded at fair value. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
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 July 3, June 27, Factory-built housing U.S. Housing and Urban Development code homes $ 262,390 $ 189,446 Modular homes 26,617 20,783 Park model RVs 9,671 13,722 Other 13,605 14,139 312,283 238,090 Financial services Insurance agency commissions received from third-party insurance companies 873 770 Other 17,266 15,941 18,139 16,711 $ 330,422 $ 254,801 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary of restricted cash | Restricted cash consisted of the following (in thousands): July 3, April 3, Cash related to CountryPlace customer payments to be remitted to third parties $ 15,928 $ 16,049 Other restricted cash 1,135 979 17,063 17,028 Less current portion (16,728) (16,693) $ 335 $ 335 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments consisted of the following (in thousands): July 3, April 3, Available-for-sale debt securities $ 17,962 $ 14,946 Marketable equity securities 17,550 17,600 Non-marketable equity investments 22,429 21,960 57,941 54,506 Less current portion (19,749) (19,496) $ 38,192 $ 35,010 Investments in marketable equity securities consist of investments in the common stock of industrial and other companies. As of July 3, 2021 and April 3, 2021, non-marketable equity investments included contributions of $15.0 million t o equity-method investments in community-based initiatives that buy and sell our 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 our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): July 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,609 $ 26 $ (11) $ 2,624 State and political subdivision debt securities 8,265 109 (19) 8,355 Corporate debt securities 6,982 12 (11) 6,983 $ 17,856 $ 147 $ (41) $ 17,962 April 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,787 $ 30 $ (13) $ 2,804 State and political subdivision debt securities 7,239 125 (19) 7,345 Corporate debt securities 4,797 11 (11) 4,797 $ 14,823 $ 166 $ (43) $ 14,946 We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of July 3, 2021. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost. The amortized cost and fair value of our 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. July 3, 2021 Amortized Fair Due in less than one year $ 1,518 $ 1,519 Due after one year through five years 11,033 11,028 Due after five years through ten years 1,391 1,450 Due after ten years 1,305 1,341 Mortgage-backed securities 2,609 2,624 $ 17,856 $ 17,962 There were no gross gains or losses realized on the sale of available-for-sale debt securities during t he three months ended July 3, 2021 or June 27, 2020. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended July 3, June 27, Marketable equity securities Net gain recognized during the period $ 1,696 $ 2,030 Less: Net gains recognized on securities sold during the period (136) (33) Unrealized gains recognized during the period on securities still held $ 1,560 $ 1,997 |
Schedule of Investments | Investments consisted of the following (in thousands): July 3, April 3, Available-for-sale debt securities $ 17,962 $ 14,946 Marketable equity securities 17,550 17,600 Non-marketable equity investments 22,429 21,960 57,941 54,506 Less current portion (19,749) (19,496) $ 38,192 $ 35,010 |
Available-for-Sale Securities by Investment Category | The following tables summarize our available-for-sale debt securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands): July 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,609 $ 26 $ (11) $ 2,624 State and political subdivision debt securities 8,265 109 (19) 8,355 Corporate debt securities 6,982 12 (11) 6,983 $ 17,856 $ 147 $ (41) $ 17,962 April 3, 2021 Amortized Gross Gross Fair Residential mortgage-backed securities $ 2,787 $ 30 $ (13) $ 2,804 State and political subdivision debt securities 7,239 125 (19) 7,345 Corporate debt securities 4,797 11 (11) 4,797 $ 14,823 $ 166 $ (43) $ 14,946 |
Contractual Maturity of Investment Securities | The amortized cost and fair value of our 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. July 3, 2021 Amortized Fair Due in less than one year $ 1,518 $ 1,519 Due after one year through five years 11,033 11,028 Due after five years through ten years 1,391 1,450 Due after ten years 1,305 1,341 Mortgage-backed securities 2,609 2,624 $ 17,856 $ 17,962 |
Gain (Loss) on Securities | There were no gross gains or losses realized on the sale of available-for-sale debt securities during t he three months ended July 3, 2021 or June 27, 2020. Net investment gains and losses on marketable equity securities were as follows (in thousands): Three Months Ended July 3, June 27, Marketable equity securities Net gain recognized during the period $ 1,696 $ 2,030 Less: Net gains recognized on securities sold during the period (136) (33) Unrealized gains recognized during the period on securities still held $ 1,560 $ 1,997 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of inventories | Inventories consisted of the following (in thousands): July 3, April 3, Raw materials $ 69,123 $ 54,336 Work in process 20,426 19,149 Finished goods 61,368 57,749 $ 150,917 $ 131,234 |
Consumer Loans Receivable (Tabl
Consumer Loans Receivable (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Receivables [Abstract] | |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands): July 3, April 3, Loans held for investment, previously securitized $ 30,384 $ 31,949 Loans held for investment 17,565 18,690 Loans held for sale 13,542 15,587 Construction advances 10,479 13,801 71,970 80,027 Deferred financing fees and other, net (1,528) (2,041) Allowance for loan losses (2,918) (3,188) 67,524 74,798 Less current portion (32,429) (37,690) $ 35,095 $ 37,108 |
Allowance for Loan 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 July 3, June 27, Allowance for loan losses at beginning of period $ 3,188 $ 1,767 Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") — 2,276 Change in estimated loan losses, net (267) 161 Charge-offs (3) (192) Allowance for loan losses at end of period $ 2,918 $ 4,012 |
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): July 3, April 3, Current $ 68,258 $ 76,378 31 to 60 days 192 508 61 to 90 days 3,112 21 91+ days 408 3,120 $ 71,970 $ 80,027 |
Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands): July 3, 2021 2022 2021 2020 2019 2018 Prior Total Prime- FICO score 680 and greater $ 5,068 $ 10,500 $ 2,970 $ 1,578 $ 770 $ 24,028 $ 44,914 Near Prime- FICO score 620-679 2,312 6,528 2,159 1,676 1,360 10,353 24,388 Sub-Prime- FICO score less than 620 — 260 53 — — 1,605 1,918 No FICO score 150 149 — 27 — 424 750 $ 7,530 $ 17,437 $ 5,182 $ 3,281 $ 2,130 $ 36,410 $ 71,970 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Prime- FICO score 680 and greater $ 18,250 $ 3,575 $ 1,718 $ 971 $ 1,959 $ 23,375 $ 49,848 Near Prime- FICO score 620-679 10,227 2,744 1,794 1,364 500 10,401 27,030 Sub-Prime- FICO score less than 620 348 53 — — 84 1,579 2,064 No FICO score 576 — 28 — — 481 1,085 $ 29,401 $ 6,372 $ 3,540 $ 2,335 $ 2,543 $ 35,836 $ 80,027 |
Commercial Loans Receivable (Ta
Commercial Loans Receivable (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Receivables [Abstract] | |
Commercial Loans Receivables | Commercial loans receivable, net consisted of the following (in thousands): July 3, April 3, Loans receivable $ 45,620 $ 45,377 Allowance for loan losses (785) (816) Deferred financing fees, net (247) (247) 44,588 44,314 Less current portion of commercial loans receivable (including from affiliates), net (18,613) (19,232) $ 25,975 $ 25,082 |
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 July 3, June 27, Balance at beginning of period $ 816 $ 393 Impact of adoption of ASU 2016-13 — 435 Change in estimated loan losses, net (31) — Balance at end of period $ 785 $ 828 |
Commercial Loans Receivables by Class and Internal Credit Quality Indicator | The following table disaggregates our commercial loans receivable by fiscal year of origination (in thousands): July 3, 2021 2022 2021 2020 2019 2018 Prior Total Performing $ 15,150 $ 19,119 $ 5,973 $ 2,689 $ 1,743 $ 946 $ 45,620 April 3, 2021 2021 2020 2019 2018 2017 Prior Total Performing $ 30,627 $ 8,677 $ 3,206 $ 1,864 $ 1,003 $ — $ 45,377 |
Geographic Concentration of Commercial Loans Receivables in Key States | As of July 3, 2021, 14% of our outstanding commercial loans receivable principal balance was concentrated in Arizona and 13% was concentrated in California. As of April 3, 2021, 13% of our outstanding commercial loans receivable principal balance was concentrated in Arizona. No other state had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of July 3, 2021 or April 3, 2021. |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | Property, plant and equipment, net, consisted of the following (in thousands): July 3, April 3, Property, plant and equipment, at cost Land $ 28,314 $ 28,314 Buildings and improvements 73,415 71,827 Machinery and equipment 35,075 34,146 136,804 134,287 Accumulated depreciation (38,823) (37,493) $ 97,981 $ 96,794 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangibles | Goodwill and other intangibles, net, consisted of the following (in thousands): July 3, 2021 April 3, 2021 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 (7,255) 4,045 11,300 (7,097) 4,203 Other 1,424 (1,279) 145 1,424 (1,264) 160 $ 97,814 $ (8,534) $ 89,280 $ 97,814 $ (8,361) $ 89,453 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): July 3, April 3, Customer deposits $ 48,989 $ 41,835 Salaries, wages and benefits 37,176 37,737 Unearned insurance premiums 24,125 22,643 Company repurchase options on certain loans sold 19,432 25,938 Estimated warranties 19,344 18,032 Accrued volume rebates 14,097 12,132 Other 47,027 44,816 $ 210,190 $ 203,133 |
Warranties (Tables)
Warranties (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
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 July 3, June 27, Balance at beginning of period $ 18,032 $ 18,678 Charged to costs and expenses 9,125 6,347 Payments and deductions (7,813) (6,487) Balance at end of period $ 19,344 $ 18,538 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt and finance lease obligations primarily consist of secured financings at our finance subsidiary and lease obligations for which it is expected that we will obtain ownership of the leased assets at the end of the lease term. The following table summarizes debt and finance lease obligations (in thousands): July 3, April 3, Secured term loan $ 7,980 $ 8,210 Other secured financings 3,473 3,672 Finance lease obligations 296 304 11,749 12,186 Less current portion (1,822) (1,851) $ 9,927 $ 10,335 |
Reinsurance and Insurance Los_2
Reinsurance and Insurance Loss Reserves (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Insurance [Abstract] | |
Effects of Reinsurance | The effects of reinsurance on premiums written and earned were as follows (in thousands): Three Months Ended July 3, 2021 June 27, 2020 Written Earned Written Earned Direct premiums $ 6,839 $ 5,996 $ 5,765 $ 5,185 Assumed premiums—nonaffiliated 8,574 7,378 7,653 6,790 Ceded premiums—nonaffiliated (3,647) (3,647) (3,202) (3,202) $ 11,766 $ 9,727 $ 10,216 $ 8,773 |
Loss Reserve Rollforward | Standard Casualty establishes reserves for claims and claims expense on reported and unreported claims of non-reinsured losses. The following details the activity in the reserve for the three months ended July 3, 2021 and June 27, 2020 (in thousands): Three Months Ended July 3, June 27, Balance at beginning of period $ 7,451 $ 5,582 Net incurred losses during the year 7,975 5,982 Net claim payments during the year (7,078) (4,834) Balance at end of period $ 8,348 $ 6,730 |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Repurchase Contingencies [Roll Forward] | |
Loan Contracts with Off-Balance Sheet Commitments | Construction-Period Mortgages. We fund construction-period mortgages through periodic advances during home construction. At the time of initial funding, we commit to fully fund the loan contract in accordance with a predetermined schedule. The total loan contract amount, less cumulative advances, represents an off-balance sheet contingent commitment to fund future advances. Loan contracts with off-balance sheet commitments are summarized below (in thousands): July 3, April 3, Construction loan contract amount $ 28,204 $ 37,628 Cumulative advances (10,479) (13,801) $ 17,725 $ 23,827 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | The following table represents changes in stockholders' equity during the three months ended July 3, 2021 (dollars in thousands): Treasury Stock Additional paid-in capital Retained earnings Accumulated other comprehensive income Total Common Stock Shares Amount Balance, April 3, 2021 9,241,256 $ 92 $ (1,441) $ 253,835 $ 431,057 $ 97 $ 683,640 Net income — — — — 27,046 — 27,046 Other comprehensive income, net — — — — — (13) (13) Issuance of common stock under stock incentive plans 4,465 — — 136 — — 136 Stock-based compensation — — — 1,100 — — 1,100 Common stock repurchases — — (12,842) — — — (12,842) Balance, July 3, 2021 9,245,721 $ 92 $ (14,283) $ 255,071 $ 458,103 $ 84 $ 699,067 The following table represents changes in stockholders' equity during the three months ended June 27, 2020 (dollars in thousands): Treasury Stock 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 Other comprehensive income, net — — — — — 68 68 Issuance of common stock under stock incentive plans 3,822 — — (533) — — (533) Stock-based compensation — — — 945 — — 945 Balance, June 27, 2020 9,177,064 $ 92 $ — $ 252,672 $ 371,085 $ 158 $ 624,007 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
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 July 3, June 27, Net income $ 27,046 $ 16,674 Weighted average shares outstanding Basic 9,198,229 9,174,182 Effect of dilutive securities 78,300 90,479 Diluted 9,276,529 9,264,661 Net income per share Basic $ 2.94 $ 1.82 Diluted $ 2.92 $ 1.80 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of our financial instruments were as follows (in thousands): July 3, 2021 April 3, 2021 Book Estimated Book Estimated Available-for-sale debt securities $ 17,962 $ 17,962 $ 14,946 $ 14,946 Marketable equity securities 17,550 17,550 17,600 17,600 Non-marketable equity investments 22,429 22,429 21,960 21,960 Consumer loans receivable 67,524 76,466 74,798 86,209 Commercial loans receivable 44,588 42,586 44,314 42,379 Secured financings other (11,749) (11,810) (12,186) (12,340) |
Assumptions for Mortgage Servicing Rights | July 3, April 3, Number of loans serviced with MSRs 4,614 4,647 Weighted average servicing fee (basis points) 33.86 33.57 Capitalized servicing multiple 67.3 % 45.9 % Capitalized servicing rate (basis points) 22.78 15.42 Serviced portfolio with MSRs (in thousands) $ 594,373 $ 593,939 MSRs (in thousands) $ 1,354 $ 916 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table provides selected financial data by segment (in thousands): Three Months Ended July 3, June 27, Net revenue Factory-built housing $ 312,283 $ 238,090 Financial services 18,139 16,711 $ 330,422 $ 254,801 Income before income taxes Factory-built housing $ 33,559 $ 18,450 Financial services 1,919 3,230 $ 35,478 $ 21,680 |
Subsequent Event (Tables)
Subsequent Event (Tables) | 3 Months Ended |
Jul. 03, 2021 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Event | On July 23, 2021, we entered into an agreement to acquire the business and certain assets and liabilities of The Commodore Corporation ("Commodore"), including its six manufacturing and two retail locations. Commodore is the largest private independent builder of manufactured and modular housing in the United States, operating under a variety of strong brand names. Commodore operates across the Northeast, Midwest and Mid-Atlantic regions, with wholly owned retail stores. In addition to manufacturing, Commodore also has a commercial lending portfolio with its dealers that we will acquire and continue. For the last 12 months ended March 31, 2021, Commodore generated net sales of approximately $258 million and sold over 6,600 modules, equating to over 3,700 homes. The purchase price totals $153 million, before certain adjustments that will be determined upon close of the transaction. The estimated cash outlay is $140 million after adjustments and including transaction fees. We expect to fund the acquisition entirely with cash on hand. The transaction is expected to close in our third quarter of fiscal year 2022, subject to applicable regulatory approvals and satisfaction of certain customary conditions. |
Basis of Presentation (Principl
Basis of Presentation (Principles of Consolidation) (Details) | 3 Months Ended |
Jul. 03, 2021storeSegmentfactories | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | Segment | 2 |
Number of operating production lines | factories | 20 |
Number of Stores | store | 40 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 330,422 | $ 254,801 |
Factory-built housing | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 312,283 | 238,090 |
Factory-built housing | HUD Code | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 262,390 | 189,446 |
Factory-built housing | Modular | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 26,617 | 20,783 |
Factory-built housing | Park Model RVs | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,671 | 13,722 |
Factory-built housing | Product and Service, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13,605 | 14,139 |
Financial Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 18,139 | 16,711 |
Financial Services | Insurance Agency Commissions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 873 | 770 |
Financial Services | Financial Service, Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 17,266 | $ 15,941 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Summary of restricted cash | ||
Restricted cash | $ 17,063 | $ 17,028 |
Less current portion | (16,728) | (16,693) |
Non-current restricted cash | 335 | 335 |
Cash related to CountryPlace customer payments to be remitted to third parties | ||
Summary of restricted cash | ||
Restricted cash | 15,928 | 16,049 |
Other restricted cash | ||
Summary of restricted cash | ||
Restricted cash | $ 1,135 | $ 979 |
Restricted Cash Reconciliation
Restricted Cash Reconciliation of Cash and cash equivalents and Restricted cash to SOCF (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 | Mar. 28, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 329,753 | $ 322,279 | ||
Restricted Cash and Cash Equivalents | 17,063 | 17,028 | ||
Cash, cash equivalents and restricted cash | $ 346,816 | $ 339,307 | $ 290,482 | $ 255,607 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale debt securities | $ 17,962 | $ 14,946 |
Marketable equity securities | 17,550 | 17,600 |
Non-marketable equity investments | 22,429 | 21,960 |
Investments | 57,941 | 54,506 |
Less short-term Investments | (19,749) | (19,496) |
Long-term Investments | 38,192 | 35,010 |
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 | Jul. 03, 2021 | Apr. 03, 2021 |
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | $ 17,856 | $ 14,823 |
Gross Unrealized Gains | 147 | 166 |
Gross Unrealized Losses | (41) | (43) |
Available-for-sale debt securities | 17,962 | 14,946 |
Residential mortgage-backed securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 2,609 | 2,787 |
Gross Unrealized Gains | 26 | 30 |
Gross Unrealized Losses | (11) | (13) |
Available-for-sale debt securities | 2,624 | 2,804 |
State and political subdivision debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 8,265 | 7,239 |
Gross Unrealized Gains | 109 | 125 |
Gross Unrealized Losses | (19) | (19) |
Available-for-sale debt securities | 8,355 | 7,345 |
Corporate debt securities | ||
Available-for-Sale Securities by Investment Category | ||
Amortized Cost | 6,982 | 4,797 |
Gross Unrealized Gains | 12 | 11 |
Gross Unrealized Losses | (11) | (11) |
Available-for-sale debt securities | $ 6,983 | $ 4,797 |
Investments (Contractual Maturi
Investments (Contractual Maturities) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Amortized Cost | ||
Due in less than one year | $ 1,518 | |
Due after one year through five years | 11,033 | |
Due after five years through ten years | 1,391 | |
Due after ten years | 1,305 | |
Mortgage-backed securities | 2,609 | |
Amortized Cost | 17,856 | $ 14,823 |
Fair Value | ||
Due in less than one year | 1,519 | |
Due after one year through five years | 11,028 | |
Due after five years through ten years | 1,450 | |
Due after ten years | 1,341 | |
Mortgage-backed securities | 2,624 | |
Fair Value | $ 17,962 | $ 14,946 |
Investments (Recognized Gains a
Investments (Recognized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Gain (Loss) on Securities | ||
Gross gains realized on debt securities | $ 0 | $ 0 |
Gross losses realized on debt securities | 0 | 0 |
Net gain recognized during the period | 1,696 | 2,030 |
Less: Net gains recognized on securities sold during the period | (136) | (33) |
Unrealized gains recognized during the period on securities still held | $ 1,560 | $ 1,997 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Summary of inventories | ||
Raw materials | $ 69,123 | $ 54,336 |
Work in process | 20,426 | 19,149 |
Finished goods | 61,368 | 57,749 |
Total Inventories | $ 150,917 | $ 131,234 |
Consumer Loans Receivable (Summ
Consumer Loans Receivable (Summary of Consumer Loans Receivable) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 |
Receivables [Abstract] | |||
Loans held for investment, previously securitized | $ 30,384 | $ 31,949 | |
Loans held for investment | 17,565 | 18,690 | |
Loans held for sale | 13,542 | 15,587 | |
Construction Advances | 10,479 | 13,801 | |
Consumer loans receivable | 71,970 | 80,027 | $ 80,027 |
Deferred financing fees and other, net | (1,528) | (2,041) | |
Allowance for loan losses | (2,918) | (3,188) | |
Consumer loans receivable, net | 67,524 | 74,798 | |
Less current portion | (32,429) | (37,690) | |
Consumer loans receivable, net | $ 35,095 | $ 37,108 |
Consumer Loans Receivable (Allo
Consumer Loans Receivable (Allowance For Loan Loss Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | $ 3,188 | |
Allowance for loan losses at end of period | 2,918 | |
Consumer loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses at beginning of period | 3,188 | $ 1,767 |
Change in estimated loan losses, net | (267) | (161) |
Charge-offs | (3) | (192) |
Allowance for loan losses at end of period | 2,918 | 4,012 |
Accounting Standards Update 2016-13 | Consumer loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impact of adoption of ASU 2016-13 | $ 0 | $ 2,276 |
Consumer Loans Receivable (Loan
Consumer Loans Receivable (Loans Held for investment) (Details) | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Receivables [Abstract] | ||
Weighted average contractual interest rate | 8.20% | 8.30% |
Weighted average effective interest rate | 8.80% | 9.30% |
Weighted average months to maturity | 160 months | 162 months |
Delinquency status of consumer
Delinquency status of consumer loans (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 71,970 | $ 80,027 | $ 80,027 |
Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 68,258 | 76,378 | |
31 - 60 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 192 | 508 | |
61 - 90 days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 3,112 | 21 | |
91+ days past due | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 408 | $ 3,120 |
Consumer Loans Receivable (Cons
Consumer Loans Receivable (Consumer Loan Receivables by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 | Jun. 27, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 71,970 | $ 80,027 | $ 80,027 |
Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 7,530 | ||
Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 17,437 | 29,401 | |
Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 5,182 | 6,372 | |
Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 3,281 | 3,540 | |
Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,130 | 2,335 | |
Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,543 | ||
Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 36,410 | ||
Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 35,836 | ||
Prime- FICO score 680 and greater | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 44,914 | 49,848 | |
Prime- FICO score 680 and greater | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 5,068 | ||
Prime- FICO score 680 and greater | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 10,500 | 18,250 | |
Prime- FICO score 680 and greater | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,970 | 3,575 | |
Prime- FICO score 680 and greater | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,578 | 1,718 | |
Prime- FICO score 680 and greater | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 770 | 971 | |
Prime- FICO score 680 and greater | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,959 | ||
Prime- FICO score 680 and greater | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 24,028 | ||
Prime- FICO score 680 and greater | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 23,375 | ||
Near Prime- FICO score 620-679 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 24,388 | 27,030 | |
Near Prime- FICO score 620-679 | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,312 | ||
Near Prime- FICO score 620-679 | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 6,528 | 10,227 | |
Near Prime- FICO score 620-679 | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 2,159 | 2,744 | |
Near Prime- FICO score 620-679 | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,676 | 1,794 | |
Near Prime- FICO score 620-679 | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,360 | 1,364 | |
Near Prime- FICO score 620-679 | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 500 | ||
Near Prime- FICO score 620-679 | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 10,353 | ||
Near Prime- FICO score 620-679 | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 10,401 | ||
Sub-Prime- FICO score less than 620 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,918 | 2,064 | |
Sub-Prime- FICO score less than 620 | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 260 | 348 | |
Sub-Prime- FICO score less than 620 | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 53 | 53 | |
Sub-Prime- FICO score less than 620 | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
Sub-Prime- FICO score less than 620 | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 84 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,605 | ||
Sub-Prime- FICO score less than 620 | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 1,579 | ||
No FICO Score | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 750 | 1,085 | |
No FICO Score | Fiscal 2022 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 150 | ||
No FICO Score | Fiscal 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 149 | 576 | |
No FICO Score | Fiscal 2020 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
No FICO Score | Fiscal 2019 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 27 | 28 | |
No FICO Score | Fiscal 2018 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | 0 | |
No FICO Score | Fiscal 2017 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | 0 | ||
No FICO Score | Fiscal 2017 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 424 | ||
No FICO Score | Fiscal 2016 and prior | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Consumer loans receivable | $ 481 |
Consumer Loans Receivable (Narr
Consumer Loans Receivable (Narrative) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Repossessed Homes | $ 493 | $ 518 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,000 | $ 1,100 |
TEXAS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 35.00% | 35.00% |
FLORIDA | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Consumer Loans Receivable Geographical Concentration Percentage | 20.00% | 20.00% |
Commercial Loans Receivable (Co
Commercial Loans Receivable (Commercial Loans Receivable, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | Mar. 28, 2020 | |
Commercial Loans Receivable | ||||
Weighted average contractual interest rate, commercial | 6.00% | 6.40% | ||
Weighted average months to maturity, commercial | 10 months | 11 months | ||
Commercial Loans Receivable | ||||
Commercial Loans Receivable | ||||
Commercial loans receivable | $ 45,620 | $ 45,377 | ||
Allowance for loan loss | (785) | $ (828) | (816) | $ (393) |
Deferred financing fees, net | (247) | (247) | ||
Total commercial loans, net | 44,588 | 44,314 | ||
Less current portion of commercial loans receivable (including from affiliates), net | (18,613) | (19,232) | ||
Commercial loans receivable (including from affiliates), noncurrent | $ 25,975 | $ 25,082 |
Commercial Loans Receivable (Ch
Commercial Loans Receivable (Changes in the Estimated Allowance for Loan Loss) (Details) - Commercial Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ 816 | $ 393 |
Change in estimated loan losses, net | (31) | 0 |
Balance at end of period | 785 | 828 |
Accounting Standards Update 2016-13 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impact of adoption of ASU 2016-13 | $ 0 | $ 435 |
Commercial Loans Receivable (_2
Commercial Loans Receivable (Commercial Loans Receivable by Credit Quality Indicator and Year of Origination) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Performing | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 45,620 | $ 45,377 |
Performing | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 15,150 | |
Performing | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 19,119 | 30,627 |
Performing | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 5,973 | 8,677 |
Performing | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 2,689 | 3,206 |
Performing | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,743 | 1,864 |
Performing | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 1,003 | |
Performing | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 946 | |
Performing | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Watch list | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Watch list | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2022 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2021 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2020 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2019 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2018 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | 0 |
Nonperforming | Fiscal 2017 | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | 0 | |
Nonperforming | Fiscal 2017 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 0 | |
Nonperforming | Fiscal 2016 and prior | ||
Financing Receivable Recorded Investment [Line Items] | ||
Commercial loans receivable | $ 0 |
Commercial Loans Receivable (_3
Commercial Loans Receivable (Concentrations of Commercial Loans Receivables) (Details) | Jul. 03, 2021 | Apr. 03, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration with one independent third-party and its affiliates | 18.00% | 18.00% |
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 | 14.00% | 13.00% |
CALIFORNIA | ||
Geographic Concentration of Commercial Loans Receivables in Key States | ||
Commercial Loans Receivables Geographic Concentration Percentage | 13.00% |
Commercial Loans Receivable (Na
Commercial Loans Receivable (Narrative) (Details) $ in Thousands | 3 Months Ended |
Jul. 03, 2021USD ($) | |
Receivables [Abstract] | |
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 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 136,804 | $ 134,287 |
Accumulated depreciation | (38,823) | (37,493) |
Property, plant and equipment, net | 97,981 | 96,794 |
Land | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 28,314 | 28,314 |
Buildings and improvements | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | 73,415 | 71,827 |
Machinery and equipment | ||
Property, plant and equipment | ||
Property, plant and equipment, at cost | $ 35,075 | $ 34,146 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1.4 | $ 1.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
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 | (8,534) | (8,361) |
Intangible Assets, Net (Including Goodwill) | 89,280 | 89,453 |
Customer relationships | ||
Finite lived: | ||
Gross Carrying Amount | 11,300 | 11,300 |
Accumulated Amortization | (7,255) | (7,097) |
Net Carrying Amount | 4,045 | 4,203 |
Other Intangible Assets | ||
Finite lived: | ||
Gross Carrying Amount | 1,424 | 1,424 |
Accumulated Amortization | (1,279) | (1,264) |
Net Carrying Amount | 145 | 160 |
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 | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Goodwill and Other Intangibles (Textual) [Abstract] | ||
Amortization expense on intangible assets | $ 173 | $ 187 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Accrued Expenses and Other Current Liabilities | ||
Customer deposits | $ 48,989 | $ 41,835 |
Salaries, wages and benefits | 37,176 | 37,737 |
Unearned insurance premiums | 24,125 | 22,643 |
Company repurchase options on certain loans sold | 19,432 | 25,938 |
Estimated warranties | 19,344 | 18,032 |
Accrued volume rebates | 14,097 | 12,132 |
Other | 47,027 | 44,816 |
Total accrued expenses and other current liabilities | $ 210,190 | $ 203,133 |
Warranties (Activity for Estima
Warranties (Activity for Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Accrual for estimated warranties | ||
Balance at beginning of period | $ 18,032 | $ 18,678 |
Charged to costs and expenses | 9,125 | 6,347 |
Payments and deductions | (7,813) | (6,487) |
Balance at end of period | $ 19,344 | $ 18,538 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Debt Obligations | ||
Secured credit facilities | $ 7,980 | $ 8,210 |
Other secured financings | 3,473 | 3,672 |
Finance lease liability | 296 | 304 |
Total debt obligations | 11,749 | 12,186 |
Less current portion | (1,822) | (1,851) |
Secured financings and other | $ 9,927 | $ 10,335 |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 03, 2021 | Apr. 03, 2021 | |
Debt Disclosure [Abstract] | ||
Secured credit facility frequency of payments | 20 or 25-year amortization period, resulting in a balloon payment due upon maturity | |
Secured credit facilities | $ 8 | $ 8.2 |
Secured credit facility interest rate | 4.90% | 4.90% |
Reinsurance and Insurance Los_3
Reinsurance and Insurance Loss Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Reinsurance Effect on Premiums Written and Earned | ||
Direct premiums Written | $ 6,839 | $ 5,765 |
Assumed premiums - nonaffiliate Written | 8,574 | 7,653 |
Ceded premiums - nonaffiliate Written | (3,647) | (3,202) |
Net premiums Written | 11,766 | 10,216 |
Direct premiums Earned | 5,996 | 5,185 |
Assumed premiums - nonaffiliate Earned | 7,378 | 6,790 |
Ceded premiums - nonaffiliate Earned | (3,647) | (3,202) |
Premiums Earned, Net | $ 9,727 | $ 8,773 |
Reinsurance and Insurance Los_4
Reinsurance and Insurance Loss Reserves (Details Textual) $ in Thousands | 3 Months Ended |
Jul. 03, 2021USD ($) | |
Insurance [Abstract] | |
Insurance policies maximum coverage per claim | $ 300 |
Insurance policies coverage per claim ceded to reinsurers | 150 |
Insurance policy risk of loss maintained per claim | 150 |
Catastrophic losses recoverable in excess of amount | 2,000 |
Aggregate catastrophic losses recoverable in excess of amount | $ 55,000 |
Reinsurance and Insurance Los_5
Reinsurance and Insurance Loss Reserves (Loss Reserve Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Insurance [Abstract] | ||
Balance at beginning of period | $ 7,451 | $ 5,582 |
Net incurred losses during the year | 7,975 | 5,982 |
Net claim payments during the year | (7,078) | (4,834) |
Balance at end of period | $ 8,348 | $ 6,730 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2021USD ($)Claim | Jun. 27, 2020USD ($) | Apr. 03, 2021USD ($) | |
Loss Contingencies | |||
Reserves Related to Consumer Loans Sold | $ 1,300 | $ 1,200 | |
Product repurchase | |||
Loss Contingencies | |||
Loss contingencies | 2,300 | 2,300 | |
Product repurchase | Maximum | |||
Loss Contingencies | |||
Loss contingencies | $ 80,900 | $ 74,200 | |
Loan Repurchase | |||
Loss Contingencies | |||
New Claims for Mortgages Sold | Claim | 0 | ||
CountryPlace | |||
Loss Contingencies | |||
IRLCs recorded at fair value | $ 32,100 | ||
Recognized gain (loss) on outstanding IRLCs | 47 | $ (125) | |
Forward Commitments Recorded at Fair Value | 42,900 | ||
Recognized (loss) gain on the forward sales and whole loan commitments | $ (347) | $ 1,000 |
Commitments and Contingencies_4
Commitments and Contingencies (Loan Contracts with Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Loan Contracts with Off-Balance Sheet Commitments | ||
Construction loan contract amount | $ 28,204 | $ 37,628 |
Construction Advances | (10,479) | (13,801) |
Remaining construction contingent commitment | $ 17,725 | $ 23,827 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | $ 683,640 | $ 607,586 |
Net income | 27,046 | 16,674 |
Other comprehensive income, net | (13) | 68 |
Issuance of common stock under stock incentive plans | 136 | (533) |
Stock-based compensation | 1,100 | 945 |
Common stock repurchases | (12,842) | |
Ending balance | $ 699,067 | $ 624,007 |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, common stock, shares issued | 9,241,256 | 9,173,242 |
Issuance of common stock under stock incentive plans, shares | 4,465 | 3,822 |
Ending balance, common stock, shares issued | 9,245,721 | 9,177,064 |
Beginning balance | $ 92 | $ 92 |
Net income | 0 | 0 |
Other comprehensive income, net | 0 | 0 |
Issuance of common stock under stock incentive plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | 92 | 92 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | (1,441) | 0 |
Net income | 0 | 0 |
Other comprehensive income, net | 0 | 0 |
Issuance of common stock under stock incentive plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Common stock repurchases | (12,842) | |
Ending balance | (14,283) | 0 |
Additional paid-in capital | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 253,835 | 252,260 |
Net income | 0 | 0 |
Other comprehensive income, net | 0 | 0 |
Issuance of common stock under stock incentive plans | 136 | (533) |
Stock-based compensation | 1,100 | 945 |
Ending balance | 255,071 | 252,672 |
Retained earnings | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 431,057 | 355,144 |
Net income | 27,046 | 16,674 |
Other comprehensive income, net | 0 | 0 |
Issuance of common stock under stock incentive plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | 458,103 | 371,085 |
Accumulated other comprehensive income (loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 97 | 90 |
Net income | 0 | 0 |
Other comprehensive income, net | (13) | 68 |
Issuance of common stock under stock incentive plans | 0 | 0 |
Stock-based compensation | 0 | 0 |
Ending balance | $ 84 | 158 |
Accounting Standards Update 2016-13 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Cumulative effect of implementing ASU 2016-13, net | (733) | |
Accounting Standards Update 2016-13 | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Cumulative effect of implementing ASU 2016-13, net | 0 | |
Accounting Standards Update 2016-13 | Treasury Stock | ||
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 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Cumulative effect of implementing ASU 2016-13, net | 0 | |
Accounting Standards Update 2016-13 | Retained earnings | ||
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) | ||
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 | |
Jul. 03, 2021 | Jun. 27, 2020 | |
Earnings Per Share Computation | ||
Net income attributable to Cavco common stockholders | $ 27,046 | $ 16,674 |
Weighted average shares outstanding: | ||
Basic (in shares) | 9,198,229 | 9,174,182 |
Common stock equivalents - treasury stock method (in shares) | 78,300 | 90,479 |
Diluted (in shares) | 9,276,529 | 9,264,661 |
Net income per share attributable to Cavco common stockholders: | ||
Basic (usd per share) | $ 2.94 | $ 1.82 |
Diluted (usd per share) | $ 2.92 | $ 1.80 |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive stock equivalents excluded from computation | 8,366 | 39,996 |
Summary of the Fair Value and C
Summary of the Fair Value and Carrying Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Apr. 03, 2021 |
Book Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | $ 22,429 | $ 21,960 |
Consumer loans receivable | 67,524 | 74,798 |
Commercial loans receivable | 44,588 | 44,314 |
Securitized financings and other | (11,749) | (12,186) |
Book Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,962 | 14,946 |
Book Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,550 | 17,600 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Non-marketable equity investments | 22,429 | 21,960 |
Consumer loans receivable | 76,466 | 86,209 |
Commercial loans receivable | 42,586 | 42,379 |
Securitized financings and other | (11,810) | (12,340) |
Estimated Fair Value | Available-for-sale debt securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | 17,962 | 14,946 |
Estimated Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments | $ 17,550 | $ 17,600 |
Fair Value Measurements (Assump
Fair Value Measurements (Assumptions for Mortgage Servicing Rights) (Details) $ in Thousands | Jul. 03, 2021USD ($)Loans | Apr. 03, 2021USD ($)Loans |
Fair Value Disclosures [Abstract] | ||
Number of loans serviced with MSRs | Loans | 4,614 | 4,647 |
Weighted average servicing fee | 0.3386% | 0.3357% |
Capitalized servicing multiple | 67.30% | 45.90% |
Capitalized servicing rate | 0.2278% | 0.1542% |
Serviced portfolio with MSRs | $ 594,373 | $ 593,939 |
Mortgage servicing rights | $ 1,354 | $ 916 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 03, 2021 | Jun. 27, 2020 | Apr. 03, 2021 | |
Related Party Transactions [Abstract] | |||
Net Revenue | $ 14,800 | $ 12,700 | |
Commercial loans receivable | 6,800 | $ 9,500 | |
Accounts receivable | $ 4,300 | $ 4,700 |
Business Segment Information (D
Business Segment Information (Details) $ in Thousands | 3 Months Ended | |
Jul. 03, 2021USD ($)Segment | Jun. 27, 2020USD ($) | |
Business Segment Information | ||
Number of operating segments | Segment | 2 | |
Net revenue | $ 330,422 | $ 254,801 |
Income before income taxes | 35,478 | 21,680 |
Factory-built housing | ||
Business Segment Information | ||
Net revenue | 312,283 | 238,090 |
Income before income taxes | 33,559 | 18,450 |
Financial services | ||
Business Segment Information | ||
Net revenue | 18,139 | 16,711 |
Income before income taxes | $ 1,919 | $ 3,230 |
Subsequent Event (Details)
Subsequent Event (Details) - Commodore $ in Millions | 3 Months Ended | 12 Months Ended | |
Jan. 01, 2022USD ($) | Jul. 03, 2021store | Apr. 03, 2021USD ($)Claim | |
Subsequent Event [Line Items] | |||
Date of subsequent event | Jul. 23, 2021 | ||
Business Acquisition, Name of Acquired Entity | The Commodore Corporation | ||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | $ 258 | ||
Modules | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Unit Sales | Claim | 6,600 | ||
Homes | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Unit Sales | Claim | 3,700 | ||
Manufacturing | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Number of Stores | store | 6 | ||
Retail | |||
Subsequent Event [Line Items] | |||
Business Acquisition, Number of Stores | store | 2 | ||
Subsequent event | |||
Subsequent Event [Line Items] | |||
Business Combination, Consideration Transferred | $ 153 | ||
Subsequent event | Forecast | |||
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 140 |