Cavco industries inc. (CVCO)
CashFlow / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11
OPERATING ACTIVITIES
Net income

20,898

20,885

21,282

19,971

13,384

15,576

19,691

22,140

21,427

6,182

11,753

12,283

9,341

5,443

6,988

8,098

8,070

5,385

5,953

6,638

5,467

5,759

4,210

5,892

4,743

3,861

2,977

3,021

2,681

1,618

2,888

2,980

3,172

20,688

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

1,560

1,408

1,240

1,230

1,194

1,170

1,104

1,051

1,025

976

974

910

906

946

1,005

1,039

944

934

927

909

937

984

1,036

986

1,017

961

966

986

967

1,091

1,323

1,482

1,884

867

Provision for credit losses

108

-183

213

62

41

384

75

-62

-192

649

27

182

174

85

-27

87

116

232

223

-30

-43

-1

17

3

-119

160

183

3

54

213

-271

326

127

-84

Deferred income taxes

396

1,080

-69

-30

-1,595

223

640

359

-3,350

-1,205

-62

-586

-324

-91

-53

-310

-995

418

796

447

229

2,869

-149

1,510

-842

44

1,180

-73

78

946

-2,756

1,174

-492

-414

Stock-based compensation expense

820

818

630

429

821

1,516

599

403

383

1,022

513

386

987

370

250

395

786

331

249

294

832

282

190

226

791

1,146

300

330

366

270

221

239

271

185

Non-cash interest income, net

440

335

359

293

251

270

139

318

167

272

254

337

274

315

277

336

542

526

310

367

205

216

100

203

170

203

134

114

24

364

221

405

344

624

Incremental tax benefits from option exercises

-

-

-

-

-

-

-

-

-

-

-

62

341

1,946

528

399

185

167

21

742

2,866

50

51

0

0

0

-

-

-

-

-

-

-

-

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

189

-

188

141

188

Gain on sale of property, plant and equipment, net

46

3,370

0

14

-12

11

40

22

-33

24

64

222

12

22

-2

67

-66

16

1

1,288

78

191

-114

17

32

-5

-78

108

-10

-13

-

-

-

-

Gain on bargain purchase

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

22,009

Gain on investments and sale of loans, net

4,118

3,652

4,031

4,007

-257

2,096

3,361

7,209

2,288

2,937

2,110

2,147

1,514

2,171

1,110

1,551

1,639

1,536

1,885

1,625

1,404

1,349

972

1,313

1,521

1,738

-

-

-

-

-

-

-

-

Gain on sale of loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,176

2,290

1,539

-

1,469

1,866

950

Gain on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

63

12

30

-

-35

7

14

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-2,955

1,754

296

1,222

-840

-162

-320

3,326

-2,593

2,240

119

1,270

-2,139

917

401

738

-621

250

801

61

-797

526

634

Accounts receivable

-5,496

2,048

1,252

4,821

-2,194

-1,822

4,879

-6,569

5,175

3,538

1,974

3,117

4,301

-791

-855

-627

2,312

-4,162

4,214

1,210

-3,487

4,268

-6,276

5,395

3,795

-766

3,243

830

404

-599

1,982

-314

1,897

1,652

Consumer loans receivable originated

-

42,673

37,586

-

-

30,862

33,617

29,638

30,493

31,884

34,389

32,878

28,338

25,622

22,302

23,100

24,867

29,045

28,557

25,458

29,862

24,080

16,533

21,720

24,546

31,481

28,084

29,261

31,364

22,705

20,856

21,158

22,184

14,014

Proceeds from sales of consumer loans

-

39,557

37,625

-

-

34,039

28,206

28,188

31,914

29,991

29,252

29,855

21,605

25,800

-67,587

23,035

27,778

28,491

28,818

23,681

25,012

22,869

17,821

22,477

27,813

29,938

32,484

28,270

32,727

22,829

23,261

20,998

23,793

13,188

Principal payments on consumer loans receivable

-

2,583

2,176

-

-

3,060

3,462

2,482

2,642

4,452

3,088

2,306

3,473

3,007

93,432

2,423

2,859

2,416

3,754

3,361

3,706

3,322

3,933

3,351

3,708

4,327

3,230

3,309

2,766

2,983

5,069

2,313

7,246

-2,117

Inventories

-5,061

-8,835

2,329

794

3,907

1,065

1,285

3,335

4,357

2,006

3,727

-5,940

-2,212

-17

2,908

2,640

-7,576

6,008

3,500

-1,741

-16

3,862

2,204

-1,753

3,783

-3,310

6,169

2,603

2,193

-4,406

-88

-1,514

-377

960

Prepaid expenses and other current assets

998

3,999

-4,321

3,694

4,545

4,421

282

-7,217

-11,030

14,874

-2,426

-731

-474

1,176

627

1,354

-2,169

2,513

236

-1,939

2,326

-390

1,457

2,871

-22

-1,393

1,703

451

-623

888

328

1,337

-1,520

2,826

Commercial loans receivable

-1,896

-2,273

3,682

5,987

3,235

3,218

14,103

-10,364

-4,391

4,886

469

2,395

-6,101

1,572

1,808

-24

1,228

4,503

-2,771

-2,057

1,336

199

-1,041

-1,890

-59

1,124

-2,973

-1,448

2,573

-18

3,366

1,877

1,236

489

Accounts payable and accrued liabilities

-7,530

5,616

-1,381

8,022

-9,200

4,076

1,814

6,969

-21,700

25,335

-3,280

-7,384

5,763

4,953

4,388

-1,557

7,117

5,568

6,917

-4,051

7,244

39

8,198

-4,790

4,121

4,666

6,423

-4,068

3,644

419

6,942

-9,022

681

12,639

Net cash provided by operating activities

24,727

26,795

16,798

16,478

-1,450

19,923

-2,115

45,158

5,123

6,981

1,704

6,420

14,178

8,201

8,471

5,254

25,875

3,943

8,060

8,889

6,570

2,179

20,100

4,187

6,840

15,630

8,595

-1,759

4,617

9,267

7,773

-2,918

6,373

5,202

INVESTING ACTIVITIES
Purchases of property, plant and equipment

2,543

1,881

2,063

1,318

2,442

2,197

1,679

5,361

1,246

1,185

594

1,238

1,215

1,890

1,072

1,335

586

526

527

746

527

410

594

839

446

386

192

177

165

221

154

434

810

1,029

Payments for Destiny Homes, net

-

-

-

-

-

-

-

0

1,074

0

564

0

0

0

0

0

1,001

27,120

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of property, plant and equipment and assets held for sale

9

22

42

15

46

15

49

38

25

24

387

231

40

25

39

20

8

26

6

5,297

257

475

2

17

37

5

29

1,747

-1

21

-

-

-

-

Purchase of Palm Harbor assets and certain liabilities, net of cash acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

67,639

Purchases of investments

1,897

641

2,110

1,840

1,455

2,016

2,026

2,801

4,574

3,516

1,646

2,872

2,313

2,440

7,158

2,546

2,925

4,485

6,551

4,032

2,871

3,253

5,043

4,657

5,001

2,420

2,827

2,399

1,439

1,578

489

942

1,978

75

Proceeds from sale of investments

3,866

1,598

2,662

2,503

1,846

2,601

2,083

10,015

2,476

3,116

1,809

2,539

2,379

3,093

2,697

2,525

2,298

2,914

4,032

1,789

1,591

3,371

1,563

1,765

4,004

2,329

2,020

1,537

897

608

1,271

2,844

857

1,129

Investment in debtor-in-possession note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

6,238

Proceeds from payoff of debtor-in-possession note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

45,301

Net cash used in investing activities

-565

-16,839

-1,469

-640

-2,005

-1,597

-1,573

1,891

-4,393

-1,561

-608

-1,340

-1,109

-1,212

-5,494

-1,336

-2,206

-29,191

-3,040

2,308

-1,550

183

-4,072

-3,714

-1,406

-472

-970

708

-708

-1,170

2,201

4,163

-887

-28,551

FINANCING ACTIVITIES
Proceeds (payments) from exercise of stock options

537

941

-1,252

0

59

1,995

-2,168

189

479

197

-1,780

23

781

-2,287

-246

210

671

70

59

0

250

191

195

112

0

50

0

0

38

2,161

0

15

12

1,436

Incremental tax benefits from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

62

341

1,946

528

399

185

167

21

742

2,866

50

51

0

0

0

-

-

-

-

-

-

-

-

Net (repayment) proceeds of construction lending line

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-1,041

-1,495

-2,014

-1,049

1,071

-254

808

Proceeds from secured financings and other

1

0

75

-

166

0

226

-

140

3,458

1,505

1,728

247

294

-

228

418

447

-

1,212

1,258

797

-

0

0

0

-

-

-

-

-

-

-

-

Payments on Virgo debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

19,456

Payments on securitized financings and other

251

18,112

997

20,576

1,858

2,097

2,157

1,651

2,067

2,219

2,103

2,159

1,921

2,214

1,947

1,454

2,296

1,817

1,050

1,740

2,168

2,745

2,845

2,736

3,598

3,196

2,253

2,247

2,811

2,189

3,228

2,153

3,562

2,415

Net cash used in financing activities

287

-17,171

-2,174

-20,576

-1,633

-102

-4,099

2,514

-1,448

1,436

-2,378

-346

-552

-2,261

-1,375

-617

-1,022

-1,133

-664

214

2,206

-1,707

-2,599

-2,624

-3,598

-3,146

-2,253

-3,288

-4,268

-2,042

-4,277

-1,067

-3,804

-19,627

Net increase in cash, cash equivalents and restricted cash

24,449

-7,215

13,155

-4,738

-5,088

18,224

-7,787

49,563

-718

6,856

-1,282

4,734

12,517

4,728

1,602

3,301

22,647

-26,381

4,356

11,411

7,226

655

13,429

-2,151

1,836

12,012

5,372

-4,339

-359

6,055

5,697

178

1,682

-42,976

Supplemental disclosures of cash flow information:
Cash paid for income taxes

2,828

8,561

4,512

4,067

3,464

6,211

6,170

5,071

4,334

5,743

2,118

3,845

4,016

3,734

4,890

5,094

2,222

3,237

1,369

1,384

3,253

1,367

110

2,655

3,000

1,038

2,033

1,823

1,621

1,514

638

1,884

69

1,160

Cash paid for interest

131

184

289

390

612

637

663

689

713

741

767

822

879

904

1,017

919

948

978

990

1,007

1,035

1,071

1,112

1,152

1,200

1,245

1,284

1,022

1,577

1,644

1,735

1,767

1,806

1,565

Right-of-use assets recognized

858

421

13,043

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease obligations incurred

858

-16

13,505

0

0

0

0

-524

0

0

1,749

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-