Cavco Industries, Inc. · NASDAQ:CVCO
Cavco Industries — Investor Presentation (January 2025)
22 slides from Cavco Industries's investor presentation, January 2025
Slide 1: Cavco Industries, Inc. Investor Presentation January 2025
Cavco Industries, Inc. INVESTOR PRESENTATION JANUARY 2025 investor.cavco.com | Nasdaq: CVCO 1
Slide 2: Forward-looking Statements
Forward-looking Statements Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect
Slide 3: Cavco Overview
Cavco Overview Quality, affordable homes that provide shelter and security for families across the country Financial Performance Twelve months ended December 28, 2024 Industry Leader Financial Services EBITDA as % of net Revenue revenue* (Earnings before Gross Margin Percentage ONE OF THE • Mortgage
Slide 4: The Affordable Housing Crisis
The Affordable Housing Crisis “…(in) no market in this country can a homebuilder build a house that is affordable for a first- time home buyer.” National Association of Home Builders CEO, Jerry Howard JANUARY 18, 2022 JULY 14, 2022 Aug 8, 2022 A growing share of There’s a massive housing Three Chall
Slide 5: Factory-built Industry: Leading the Way in Solving the Affordable Housing Crisis
” Factory-built Industry: Leading the Way Cavco is building affordable houses for many home in Solving the Affordable Housing Crisis buyers. Quality Most affordable Ownership at manufactured form of monthly cost homes at affordable unsubsidized comparable to price points home ownership apartment ren
Slide 6: The Difference
The Difference Corporate Superior Financial Operational Expanding responsibility homes strategy excellence capacity CAVCO INDUSTRIES, INC. | NASDAQ: CVCO 6
Slide 7: Corporate Responsibility
Corporate Responsibility Continuous commitment to a positive impact on people, communities and the environment Our People – ONECavco Our CAVCOmmunity 20% in healthcare enrollment for Homes for our Own provides education employees and their families as a with potential for financial assistance for In
Slide 8: Environmental Impact
Environmental Impact Minimizing our environmental impact throughout the entire manufacturing cycle Our Approach Green Energy Solar panels supply ~50% of Reduce waste + Preserve natural resources electricity in our Glendale, AZ, + Increase use of recycled materials = plant, reducing our carbon Reduct
Slide 9: Manufactured Industry Drivers
Manufactured Industry Drivers Better value Environmental Manufactured Housing Industry than site-built advantages Demand Drivers 38 companies with 152 homebuilding factories 6M Long-term undersupply has led to an 95 were manufactured housing approximate 6-million-unit deficit Unit Deficit IN 2023 %
Slide 10: Manufactured Housing Industry Annual Shipments
Manufactured Housing Industry Annual Shipments Consistent growth from Great Recession lows Shipments grew 106% 125,000 since 2009 and 2010 113,000 106,000 103,000 100,000 96,000 97,000 95,000 93,000 94,000 89,000 81,000 82,000 75,000 70,500 64,000 60,000 55,000 50,000 50,000 52,000 50,000 25,000 0 S
Slide 11: Superior Homes in a Strong Industry
Superior Homes in a Strong Industry Providing high quality, cost-conscious and innovative housing Modular Home HUD-Code Built off-site, Home transported, Constructed on assembled and a permanent customized on- chassis to the site, to local federal construction standard standards Park Model Multi-fam
Slide 12: Distribution Channels
Distribution Channels Diverse channels provide a broader network for home sales growth Retail Builder/Developer Communities Company-owned and independent Consistent, robust channel, which Capitalize on channel diversification retailers work directly with end includes hospitality and in a growing mar
Slide 13: Financial Strategy
Financial Strategy Proven ability to deliver organic growth, capacity expansion and shareholder value Strong track record of growth, cost Balance Sheet Management management, strong free cash flow generation and operational excellence $ 363M Zero corporate debt* cash as of Q3’25 Capital Deployment *
Slide 14: Historical Financial Results for twelve months ended Q3'25
Historical Financial Results for twelve months ended Q3’25 Gross profit as a percentage of Earnings per diluted Free cash flow* Net Revenue $2,143 ($ millions) $1,927 net revenue strong at share generation (cash flow 23.3 % from operations less $20.32 $139.0M $1,795 $1,627 capital expenditures) $1,0
Slide 15: Operational Excellence
Operational Excellence Finding innovative ways to increase manufacturing output and efficiencies and improve safety Safety Lean Manufacturing High capacity utilization in production plants Safety Now program builds a safety-first culture with Increasing Reducing productivity waste Dynamic Ability 33
Slide 16: Expanding Capacity
Expanding Capacity Operating with high levels of capacity utilization in production plants Added six new manufacturing facilities through the acquisition of Commodore M&A Added four new production lines with Solitaire Homes and retail distribution across three states Increased capacity by over 30% w
Slide 17: CountryPlace Mortgage
CountryPlace Mortgage Experienced MH lender with proven performance through economic cycles Specializing in Manufactured Housing Long History of Disciplined Risk Lending Since 1995 Management & Superior Performance CountryPlace MH loans Licenses in 36 states to originate & outperformed the single se
Slide 18: What's Next?
What’s Next? Manufacturing technology Two new production Digital marketing innovation facilities ramping up Zoning improvements Continuing to invest in Focus on environmental opening up new, urban productivity improvements issues and opportunities market opportunities across 31 production lines CAVC
Slide 19: The Difference
The Difference Corporate Superior Financial Operational Expanding responsibility homes strategy excellence capacity Growing our positive Providing high Committed to Operating safe and Growing through impact on people, quality, cost- responsible capital highly efficient value-creating communities and
Slide 20: Thank you.
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Slide 21: Appendix: GAAP Reconciliation
Appendix: GAAP Reconciliation ($ in thousands) Reconciliation of twelve months ended December 28, 2024 Earnings before ITDA % Q4-24 Q1-25 Q2-25 Q3-25 Total Net income $33,934 $34,429 $43,815 $56,462 $168,640 Income tax expense 9,001 9,432 11,135 12,874 42,442 Interest expense 284 90 125 155 654 Inte
Slide 22: Appendix: GAAP Reconciliation
Appendix: GAAP Reconciliation ($ in thousands) Reconciliation of Free cash flow for the twelve months ended December 28, 2024 Q4-24 Q1-25 Q2-25 Q3-25 Total Cash from operations $18,578 $47,393 $54,681 $37,777 $158,429 Capital expenditures (4,184) (4,940) (4,914) (5,408) (19,446) Free cash flow $14,3
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