On this page of StockholderLetter.com we present the latest annual shareholder letter from CAVCO INDUSTRIES INC. — ticker symbol CVCO. Reading current and past CVCO letters to shareholders can bring important insights into the investment thesis.
THE CARMEL
PARK MODEL
2024 ANNUAL REPORT
NATIONALLY AVAILABLE
HUD-APPROVED DUPLEX
THE CUMBERLAND
DUPLEX
MANUFACTURED HOMES | DUPLEXES | MODULAR HOMES | COMMUNITY HOMES | ADUs | PARK MODELS
INVESTOR RELATIONS
investor_relations@cavco.com
The Company   s filings with the
Securities and Exchange Commission can be found in the
SEC EDGAR database at
www.sec.gov
Transfer Agent &
Registrar Computershare
Investor Services
250 Royall Street
Canton, MA 02021
Telephone: (888) 525-8755
www.computershare.com
STOCK TRADING
The Company   s common stock is listed on the Nasdaq
Global Select Market and is traded under the Symbol CVCO.
BOARD OF DIRECTORS
3636 North Central Avenue
Phoenix, AZ 85012-1998
602.256.6263 / cavcohomes.com
ABOUT CAVCO
Cavco Industries, Inc., Headquartered in Phoenix,
Arizona, designs and produces factory-built housing
products primarily distributed through a network
of independent and Company-owned retailers. We
are one of the largest producers of manufactured
and modular homes in the United States, based
on reported wholesale shipments.
Our products are marketed under a variety of brand
names including Cavco, Fleetwood, Palm Harbor,
Nationwide, Fairmont, Friendship, Chariot Eagle,
Destiny, Commodore, Colony, Pennwest, R-Anell,
Manorwood, MidCountry and Solitaire. We are also a
leading producer of park model RVs, vacation cabins
and factory-built commercial structures.
Cavco's finance subsidiary, CountryPlace Mortgage,
is an approved Fannie Mae and Freddie Mac seller/
servicer and a Ginnie Mae mortgage-backed
securities issuer that offers conforming mortgages,
non-conforming mortgages and home-only loans
to purchasers of factor y-built homes. Our
insurance subsidiary, Standard Casualty, provides
property and casualty insurance to owners of manufactured homes.
Steven G. Bunger,
Chairman
President & Chief
Executive Officer,
Pro Box Storage, Inc.
David A. Greenblatt
Retired Senior Vice
President & Deputy
General Counsel,
Eagle Materials Inc.
William C. Boor
President & Chief
Executive Officer,
Cavco Industries, Inc.
Richard A. Kerley
Retired Senior Vice
President & Chief
Financial Officer,
Peter Piper, Inc.
Susan L. Blount
Retired Executive
Vice President &
General Counsel,
Prudential Financial Inc.
Steven W. Moster
President & Chief
Executive Officer,
Viad Corp
Julia W. Sze
Impact Investment Strategy
Julia W. Sze Consulting
OFFICERS
William C. Boor
President & Chief
Executive Officer
Allison K. Aden
Executive VP,
Chief Financial
Officer & Treasurer
Paul W. Bigbee
Chief Accounting Officer
Anthony R. Crutcher
Chief Information Officer
Colleen J. Rogers
Senior VP, Marketing &
Communications
Seth Schuknecht
Executive VP, General
Counsel, Corporate
Secretary & Chief
Compliance Officer
Brian R. Cira
President, Manufactured
Housing
Steven K. Like
Senior VP, Corporate
Development,
Interim President ,
Standard Casualty Company
Jack Brandon
President, CountryPlace
Mortgage
Matthew A. Ni  o
President - Retail
Dear Fellow Shareholders,
In FY 2024, our company had the opportunity to demonstrate our ability to respond to shifting market
dynamics. This year clearly showed that our industry remains a cyclical one. Despite a slowdown in
demand due to rapidly rising interest rates, we've maintained healthy margins, pro   tability and strong
cash    ows.
In tough markets like FY 2024, it would be normal to allow near-term challenges to take priority over
efforts to build and improve the company for the long-term. However, we believe strategic
consistency and steady execution create stability and maximize value in a cyclical, but upwardly
trending industry. A few highlights illustrate our continued long-term focus.
o
We completed the integration of the Solitaire acquisition, which closed in late FY 2023.
Solitaire dramatically strengthens our position in the important Texas, New Mexico and
Oklahoma region and provides valuable opportunities to optimize product offerings across
the combined manufacturing and retail system.
o
We grew our retail footprint by adding 15 stores in the    scal year, taking our total to 79 retail
locations. This growth is in support of our plant distribution needs and follows the addition
of 19 stores in FY 2023.
o
We announced the    rst nationally available HUD-approved line of duplex homes. Interest in
our Anthem series continues to exceed expectations. We believe this is a new answer to the
affordable housing crisis, as multiple units can be placed on one lot to increase density and
improve affordability.
o
We continued development and rollout of our digital marketing platform across our family of
brands. Our approach enables national marketing campaigns and supports our independent
dealer partners with branded microsites and targeted sales leads.
o
We reduced our total recordable injury rate by 37%, continuing a multi-year trend of
signi   cant improvement. In calendar 2023, our Total Recordable Incident Rate was 35%
lower than the industry benchmark. We are extremely proud of our continuing safety
improvement. There is no better single measure of operational excellence and caring for our
co-workers.
Our unwavering focus on building for the long-term is enabled by a strong balance sheet and
disciplined capital allocation decisions. Over the last three    scal years, we have invested $125
million in acquisitions and $112 million in organic expansion projects, including the new Glendale
and Hamlet plants. We also returned $316 million to our shareholders through share repurchases
and    nished the year with no corporate debt and a $353 million cash balance.
In each of the past several annual reports I   ve had the opportunity to point to what ultimately
became a 13-year streak of increasing revenue and earnings. While I could have left this unsaid, it
only seems right to acknowledge that we were not able to continue that streak this year. However,
looking at recent results provides a real sense of Cavco   s growing earnings potential. Despite the
down market resulting in signi   cantly lower volume, we still recorded the second highest revenue
and third highest net income in our history. Even more notable, net income more than doubled the
income from three years ago, a record at that time. We   ve come a long way. With expectations of
improving conditions in front of us, we   re in a great position to kick-off another streak of record
years.
Net Income
($ millions)
$250
5-Year Annualized growth rates
$200
$150
$100
Revenue
13%
Pre-tax Income
18%
$50
$FY20
FY21
FY22
FY23
FY24
As we managed through the reduced demand environment, our stated goal has been to emerge a
much stronger company as the market improves. I feel very con   dent that we are delivering on that
objective and are capable of providing even more and better homes to deserving families.
On behalf of all 6,500 Cavco team members who are working hard to solve the affordable housing
crisis with each new home we build, sell, fund and insure, I want to thank you, our owners, for your
continued con   dence and support. We consider you our partners in our important work, and we look
forward to updating you on our progress in FY 2025.
June 13, 2024
 • shareholder letter icon 6/13/2024 Letter Continued (Full PDF)
 • stockholder letter icon 6/15/2023 CVCO Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
 • Benford's Law Stocks icon CVCO Benford's Law Stock Score = 99


CVCO Shareholder/Stockholder Letter Transcript:

THE CARMEL
PARK MODEL
2024 ANNUAL REPORT
NATIONALLY AVAILABLE
HUD-APPROVED DUPLEX
THE CUMBERLAND
DUPLEX
MANUFACTURED HOMES | DUPLEXES | MODULAR HOMES | COMMUNITY HOMES | ADUs | PARK MODELS

INVESTOR RELATIONS
investor_relations@cavco.com
The Company   s filings with the
Securities and Exchange Commission can be found in the
SEC EDGAR database at
www.sec.gov
Transfer Agent &
Registrar Computershare
Investor Services
250 Royall Street
Canton, MA 02021
Telephone: (888) 525-8755
www.computershare.com
STOCK TRADING
The Company   s common stock is listed on the Nasdaq
Global Select Market and is traded under the Symbol CVCO.
BOARD OF DIRECTORS
3636 North Central Avenue
Phoenix, AZ 85012-1998
602.256.6263 / cavcohomes.com
ABOUT CAVCO
Cavco Industries, Inc., Headquartered in Phoenix,
Arizona, designs and produces factory-built housing
products primarily distributed through a network
of independent and Company-owned retailers. We
are one of the largest producers of manufactured
and modular homes in the United States, based
on reported wholesale shipments.
Our products are marketed under a variety of brand
names including Cavco, Fleetwood, Palm Harbor,
Nationwide, Fairmont, Friendship, Chariot Eagle,
Destiny, Commodore, Colony, Pennwest, R-Anell,
Manorwood, MidCountry and Solitaire. We are also a
leading producer of park model RVs, vacation cabins
and factory-built commercial structures.
Cavco's finance subsidiary, CountryPlace Mortgage,
is an approved Fannie Mae and Freddie Mac seller/
servicer and a Ginnie Mae mortgage-backed
securities issuer that offers conforming mortgages,
non-conforming mortgages and home-only loans
to purchasers of factor y-built homes. Our
insurance subsidiary, Standard Casualty, provides
property and casualty insurance to owners of manufactured homes.
Steven G. Bunger,
Chairman
President & Chief
Executive Officer,
Pro Box Storage, Inc.
David A. Greenblatt
Retired Senior Vice
President & Deputy
General Counsel,
Eagle Materials Inc.
William C. Boor
President & Chief
Executive Officer,
Cavco Industries, Inc.
Richard A. Kerley
Retired Senior Vice
President & Chief
Financial Officer,
Peter Piper, Inc.
Susan L. Blount
Retired Executive
Vice President &
General Counsel,
Prudential Financial Inc.
Steven W. Moster
President & Chief
Executive Officer,
Viad Corp
Julia W. Sze
Impact Investment Strategy
Julia W. Sze Consulting
OFFICERS
William C. Boor
President & Chief
Executive Officer
Allison K. Aden
Executive VP,
Chief Financial
Officer & Treasurer
Paul W. Bigbee
Chief Accounting Officer
Anthony R. Crutcher
Chief Information Officer
Colleen J. Rogers
Senior VP, Marketing &
Communications
Seth Schuknecht
Executive VP, General
Counsel, Corporate
Secretary & Chief
Compliance Officer
Brian R. Cira
President, Manufactured
Housing
Steven K. Like
Senior VP, Corporate
Development,
Interim President ,
Standard Casualty Company
Jack Brandon
President, CountryPlace
Mortgage
Matthew A. Ni  o
President - Retail

Dear Fellow Shareholders,
In FY 2024, our company had the opportunity to demonstrate our ability to respond to shifting market
dynamics. This year clearly showed that our industry remains a cyclical one. Despite a slowdown in
demand due to rapidly rising interest rates, we've maintained healthy margins, pro   tability and strong
cash    ows.
In tough markets like FY 2024, it would be normal to allow near-term challenges to take priority over
efforts to build and improve the company for the long-term. However, we believe strategic
consistency and steady execution create stability and maximize value in a cyclical, but upwardly
trending industry. A few highlights illustrate our continued long-term focus.
o
We completed the integration of the Solitaire acquisition, which closed in late FY 2023.
Solitaire dramatically strengthens our position in the important Texas, New Mexico and
Oklahoma region and provides valuable opportunities to optimize product offerings across
the combined manufacturing and retail system.
o
We grew our retail footprint by adding 15 stores in the    scal year, taking our total to 79 retail
locations. This growth is in support of our plant distribution needs and follows the addition
of 19 stores in FY 2023.
o
We announced the    rst nationally available HUD-approved line of duplex homes. Interest in
our Anthem series continues to exceed expectations. We believe this is a new answer to the
affordable housing crisis, as multiple units can be placed on one lot to increase density and
improve affordability.
o
We continued development and rollout of our digital marketing platform across our family of
brands. Our approach enables national marketing campaigns and supports our independent
dealer partners with branded microsites and targeted sales leads.
o
We reduced our total recordable injury rate by 37%, continuing a multi-year trend of
signi   cant improvement. In calendar 2023, our Total Recordable Incident Rate was 35%
lower than the industry benchmark. We are extremely proud of our continuing safety
improvement. There is no better single measure of operational excellence and caring for our
co-workers.
Our unwavering focus on building for the long-term is enabled by a strong balance sheet and
disciplined capital allocation decisions. Over the last three    scal years, we have invested $125
million in acquisitions and $112 million in organic expansion projects, including the new Glendale
and Hamlet plants. We also returned $316 million to our shareholders through share repurchases
and    nished the year with no corporate debt and a $353 million cash balance.

In each of the past several annual reports I   ve had the opportunity to point to what ultimately
became a 13-year streak of increasing revenue and earnings. While I could have left this unsaid, it
only seems right to acknowledge that we were not able to continue that streak this year. However,
looking at recent results provides a real sense of Cavco   s growing earnings potential. Despite the
down market resulting in signi   cantly lower volume, we still recorded the second highest revenue
and third highest net income in our history. Even more notable, net income more than doubled the
income from three years ago, a record at that time. We   ve come a long way. With expectations of
improving conditions in front of us, we   re in a great position to kick-off another streak of record
years.
Net Income
($ millions)
$250
5-Year Annualized growth rates
$200
$150
$100
Revenue
13%
Pre-tax Income
18%
$50
$FY20
FY21
FY22
FY23
FY24
As we managed through the reduced demand environment, our stated goal has been to emerge a
much stronger company as the market improves. I feel very con   dent that we are delivering on that
objective and are capable of providing even more and better homes to deserving families.
On behalf of all 6,500 Cavco team members who are working hard to solve the affordable housing
crisis with each new home we build, sell, fund and insure, I want to thank you, our owners, for your
continued con   dence and support. We consider you our partners in our important work, and we look
forward to updating you on our progress in FY 2025.
June 13, 2024



shareholder letter icon 6/13/2024 Letter Continued (Full PDF)
 

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