Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Cavco Industries, Inc. |
Entity Central Index Key | 0000278166 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain measures of financial performance of the Company. See “Executive Compensation—Compensation Discussion and Analysis” above for additional information about how the Company aligns executive compensation with its performance. Value of Initial Fixed $100 Investment Based on: Year Summary Compensation Table Total for CEO ($) (1) Compensation Actually Paid to CEO ($) (2) Average Summary Compensation Table Total for Non-CEO Named Executive Officers ($) (3)(4) Average Compensation Actually Paid to Non-CEO Named Executive Officers ($) (2)(3) Total Shareholder Return ($) (5) Peer Group Total Shareholder Return ($) (6) Net Income ($ thousands) (7) Adjusted Pre-tax Income ($ thousands) (8) 2023 5,410,215 7,974,030 1,674,111 2,019,563 214 235 240,841 316,564 2022 4,717,716 4,520,893 1,130,149 1,076,439 164 198 197,742 209,610 2021 3,606,222 5,212,053 968,262 933,183 157 228 76,646 98,602 (1) Represents the total compensation reported for our CEO, Mr. Boor, for each corresponding year in the “Total” column of the Summary Compensation Table. (2) In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the total compensation for our CEO and the average total compensation for the NEOs as a group (excluding our CEO) in each year’s respective Proxy Statement to determine the “compensation actually paid”: Year Reported Summary Compensation Table Total ($) Reported Value of Stock Awards ($) (a) Stock Award Adjustments ($) (b) Compensation Actually Paid ($) 2023 5,410,215 (2,300,175 ) 4,863,990 7,974,030 CEO 2022 4,717,716 (1,915,335 ) 1,718,512 4,520,893 2021 3,606,222 (1,406,136 ) 3,011,967 5,212,053 Average of 2023 1,674,111 (437,678 ) 783,130 2,019,563 non-CEO NEOs 2022 1,130,149 (212,686 ) 158,976 1,076,439 2021 968,262 (157,137 ) 122,058 933,183 (a) Represents the grant date fair value of equity awards reported in the “Stock Awards” column and “Option Awards” column in the Summary Compensation Table for the applicable year. (b) Equity award adjustments for each applicable year are further detailed in the table below. Year Year End Fair Value of Outstanding and Unvested Stock Awards Granted in the Year Year over Year Change in Fair Value of Outstanding and Unvested Stock Awards Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year Year over Year Change in Fair Value of Stock Awards Granted in Prior Years that were Cancelled in the Year Total Stock Award Adjustments 2023 3,482,430 1,103,758 277,802 — 4,863,990 CEO 2022 2,194,560 14,285 (490,333 ) — 1,718,512 2021 2,035,062 1,271,832 (294,927 ) — 3,011,967 Average of 2023 665,665 86,371 25,442 5,652 783,130 non-CEO NEOs 2022 196,698 4,411 (28,377 ) (13,756 ) 158,976 2021 176,780 132,626 (19,790 ) (167,558 ) 122,058 (3) For 2023, our non-CEO NEOs were Ms. Aden and Messrs. Cira, Niño and Dragash. For 2022, our non-CEO NEOs were Messrs. Niño, Cira, Dragash and Bigbee and Mses. Aden and Reynolds. For 2021, our non-CEO NEOs were Messrs. Urness, Niño, Zeller, Dragash and Bigbee. (4) Represents the average total compensation reported for our non-CEO NEOs, derived from the “Total” column of the Summary Compensation Table in each year’s respective Proxy Statement. (5) Represents the total shareholder return (“TSR”) on our common stock assuming an initial investment of $100 (with reinvestment of dividends) from the measurement period beginning on the last trading day before the Company’s earliest fiscal year in the table, through and including the end of the fiscal year for which cumulative TSR of the Company is being calculated. (6) Represents the TSR for the iShares U.S. Home Construction ETF. For purposes of the table, an initial investment of $100 (with reinvestment of all dividends is assumed to have been made in the iShares U.S. Home Construction ETF for the measurement period beginning on the last trading day before the Company’s earliest fiscal year in the table, through and including the end of the fiscal year for which cumulative TSR of iShares U.S. Home Construction ETF is being calculated. (7) Represents our net income, in thousands, as reported in our Annual Report on Form 10-K for each of the years presented. (8) Represents, in the Company’s assessment, the most important financial performance measure used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to Company performance. Company-selected measure is Adjusted Pre-tax Income, which is Pre-tax income after adjustments, including costs related to: (i) the SEC litigation; (ii) unrealized gains and losses on equity investments; (iii) integration costs related to recently acquired Solitaire Homes, Inc. (“Solitaire”); (iv) earnings from Craftsman Homes, LLC that are attributable to a noncontrolling interest; and (v) results from Solitaire that were not previously considered in the budget. | ||
Company Selected Measure Name | Adjusted Pre-tax Income | ||
Named Executive Officers, Footnote [Text Block] | Represents the total compensation reported for our CEO, Mr. Boor, for each corresponding year in the “Total” column of the Summary Compensation Table.For 2023, our non-CEO NEOs were Ms. Aden and Messrs. Cira, Niño and Dragash. For 2022, our non-CEO NEOs were Messrs. Niño, Cira, Dragash and Bigbee and Mses. Aden and Reynolds. For 2021, our non-CEO NEOs were Messrs. Urness, Niño, Zeller, Dragash and Bigbee. | ||
Peer Group Issuers, Footnote [Text Block] | Represents the TSR for the iShares U.S. Home Construction ETF. For purposes of the table, an initial investment of $100 (with reinvestment of all dividends is assumed to have been made in the iShares U.S. Home Construction ETF for the measurement period beginning on the last trading day before the Company’s earliest fiscal year in the table, through and including the end of the fiscal year for which cumulative TSR of iShares U.S. Home Construction ETF is being calculated. | ||
PEO Total Compensation Amount | $ 5,410,215 | $ 4,717,716 | $ 3,606,222 |
PEO Actually Paid Compensation Amount | $ 7,974,030 | 4,520,893 | 5,212,053 |
Adjustment To PEO Compensation, Footnote [Text Block] | In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the total compensation for our CEO and the average total compensation for the NEOs as a group (excluding our CEO) in each year’s respective Proxy Statement to determine the “compensation actually paid”: Year Reported Summary Compensation Table Total ($) Reported Value of Stock Awards ($) (a) Stock Award Adjustments ($) (b) Compensation Actually Paid ($) 2023 5,410,215 (2,300,175 ) 4,863,990 7,974,030 CEO 2022 4,717,716 (1,915,335 ) 1,718,512 4,520,893 2021 3,606,222 (1,406,136 ) 3,011,967 5,212,053 Average of 2023 1,674,111 (437,678 ) 783,130 2,019,563 non-CEO NEOs 2022 1,130,149 (212,686 ) 158,976 1,076,439 2021 968,262 (157,137 ) 122,058 933,183 (a) Represents the grant date fair value of equity awards reported in the “Stock Awards” column and “Option Awards” column in the Summary Compensation Table for the applicable year. (b) Equity award adjustments for each applicable year are further detailed in the table below. Year Year End Fair Value of Outstanding and Unvested Stock Awards Granted in the Year Year over Year Change in Fair Value of Outstanding and Unvested Stock Awards Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year Year over Year Change in Fair Value of Stock Awards Granted in Prior Years that were Cancelled in the Year Total Stock Award Adjustments 2023 3,482,430 1,103,758 277,802 — 4,863,990 CEO 2022 2,194,560 14,285 (490,333 ) — 1,718,512 2021 2,035,062 1,271,832 (294,927 ) — 3,011,967 Average of 2023 665,665 86,371 25,442 5,652 783,130 non-CEO NEOs 2022 196,698 4,411 (28,377 ) (13,756 ) 158,976 2021 176,780 132,626 (19,790 ) (167,558 ) 122,058 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,674,111 | 1,130,149 | 968,262 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,019,563 | 1,076,439 | 933,183 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | In accordance with Item 402(v) of Regulation S-K, the following adjustments were made to the total compensation for our CEO and the average total compensation for the NEOs as a group (excluding our CEO) in each year’s respective Proxy Statement to determine the “compensation actually paid”: Year Reported Summary Compensation Table Total ($) Reported Value of Stock Awards ($) (a) Stock Award Adjustments ($) (b) Compensation Actually Paid ($) 2023 5,410,215 (2,300,175 ) 4,863,990 7,974,030 CEO 2022 4,717,716 (1,915,335 ) 1,718,512 4,520,893 2021 3,606,222 (1,406,136 ) 3,011,967 5,212,053 Average of 2023 1,674,111 (437,678 ) 783,130 2,019,563 non-CEO NEOs 2022 1,130,149 (212,686 ) 158,976 1,076,439 2021 968,262 (157,137 ) 122,058 933,183 (a) Represents the grant date fair value of equity awards reported in the “Stock Awards” column and “Option Awards” column in the Summary Compensation Table for the applicable year. (b) Equity award adjustments for each applicable year are further detailed in the table below. Year Year End Fair Value of Outstanding and Unvested Stock Awards Granted in the Year Year over Year Change in Fair Value of Outstanding and Unvested Stock Awards Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year Year over Year Change in Fair Value of Stock Awards Granted in Prior Years that were Cancelled in the Year Total Stock Award Adjustments 2023 3,482,430 1,103,758 277,802 — 4,863,990 CEO 2022 2,194,560 14,285 (490,333 ) — 1,718,512 2021 2,035,062 1,271,832 (294,927 ) — 3,011,967 Average of 2023 665,665 86,371 25,442 5,652 783,130 non-CEO NEOs 2022 196,698 4,411 (28,377 ) (13,756 ) 158,976 2021 176,780 132,626 (19,790 ) (167,558 ) 122,058 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The following chart sets forth the relationship between compensation actually paid to our CEO, the average of compensation actually paid to our non-CEO NEOs, and the cumulative TSR of the Company and of iShares U.S. Home Construction ETF over the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Net Income [Text Block] | The following chart sets forth the relationship between compensation actually paid to our CEO, the average of compensation actually paid to our non-CEO NEOs, and our Net Income during the three most recently completed fiscal years. | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The following chart sets forth the relationship between compensation actually paid to our CEO, the average of compensation actually paid to our non-CEO NEOs, and our Adjusted Pre-tax Income during the three most recently completed fiscal years. | ||
Tabular List [Table Text Block] | Listed below are the financial and non-financial performance measures which in the Company’s assessment represent the most important performance measures used to link compensation actually paid to our NEOs, for 2023, to the Company’s performance: • Adjusted Pre-tax Income • Individual Objective Based Performance • Market Share • Floors per employee • Relative TSR | ||
Total Shareholder Return Amount | $ 214 | 164 | 157 |
Peer Group Total Shareholder Return Amount | 235 | 198 | 228 |
Net Income (Loss) | $ 240,841,000 | $ 197,742,000 | $ 76,646,000 |
Company Selected Measure Amount | 316,564,000 | 209,610,000 | 98,602,000 |
PEO Name | Mr. Boor | Mr. Boor | Mr. Boor |
Non PEO NEOs Name | Ms. Aden and Messrs. Cira, Niño and Dragash | Messrs. Niño, Cira, Dragash and Bigbee and Mses. Aden and Reynolds | Messrs. Urness, Niño, Zeller, Dragash and Bigbee |
PEO [Member] | Reported Value of Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (2,300,175) | $ (1,915,335) | $ (1,406,136) |
PEO [Member] | Stock Awards Adjustments | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 4,863,990 | 1,718,512 | 3,011,967 |
PEO [Member] | Year End Fair Value of Outstanding And Unvested Stock Awards Granted in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,482,430 | 2,194,560 | 2,035,062 |
PEO [Member] | Year Over Year Change In Fair Value of Outstanding And Unvested Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,103,758 | 14,285 | 1,271,832 |
PEO [Member] | Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 277,802 | (490,333) | (294,927) |
Non-PEO NEO [Member] | Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | • Adjusted Pre-tax Income | ||
Non-PEO NEO [Member] | Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | • Individual Objective Based Performance | ||
Non-PEO NEO [Member] | Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | • Market Share | ||
Non-PEO NEO [Member] | Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | • Floors per employee | ||
Non-PEO NEO [Member] | Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | • Relative TSR | ||
Non-PEO NEO [Member] | Reported Value of Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (437,678) | (212,686) | (157,137) |
Non-PEO NEO [Member] | Stock Awards Adjustments | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 783,130 | 158,976 | 122,058 |
Non-PEO NEO [Member] | Year End Fair Value of Outstanding And Unvested Stock Awards Granted in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 665,665 | 196,698 | 176,780 |
Non-PEO NEO [Member] | Year Over Year Change In Fair Value of Outstanding And Unvested Stock Awards | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 86,371 | 4,411 | 132,626 |
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in Year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 25,442 | (28,377) | (19,790) |
Non-PEO NEO [Member] | Year Over year Change in Fair value of Stock Awards Granted in Prior Years that were Cancelled in the Year | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 5,652 | $ (13,756) | $ (167,558) |