Cavco industries inc. (CVCO)
CashFlow / TTM
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

83,036

75,522

70,213

68,622

70,791

78,834

69,440

61,502

50,250

41,106

44,265

34,055

29,870

28,599

28,541

27,506

26,046

23,443

23,817

22,074

21,328

20,604

18,706

17,473

14,602

12,540

10,297

10,208

10,167

10,658

29,728

0

0

0

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

5,438

5,072

4,834

4,698

4,519

4,350

4,156

4,026

3,900

3,785

3,715

3,767

3,896

3,934

3,922

3,844

3,714

3,707

3,757

3,866

3,943

4,023

4,000

3,930

3,930

3,880

4,010

4,367

4,863

5,780

5,556

0

0

0

Provision for credit losses

200

133

700

562

438

205

470

422

835

1,209

734

414

319

261

408

658

541

382

149

-57

-24

-100

61

227

227

400

453

-1

322

395

98

0

0

0

Deferred income taxes

1,377

-614

-1,471

-762

-373

-2,128

-3,556

-4,258

-3,338

-574

307

-1,054

-778

-1,449

-940

-91

666

1,890

4,341

3,396

4,459

3,388

563

1,892

309

1,229

2,131

-1,805

-558

-1,128

-2,488

0

0

0

Stock-based compensation expense

2,697

2,698

3,396

3,365

3,339

2,901

2,407

2,321

2,300

2,303

2,268

1,993

2,002

1,801

1,762

1,761

1,660

1,706

1,657

1,598

1,530

1,489

2,353

2,463

2,567

2,142

1,266

1,187

1,096

1,001

916

0

0

0

Non-cash interest income, net

1,427

1,238

1,173

953

978

894

896

1,011

928

1,098

1,100

1,203

1,202

1,470

1,681

1,714

1,745

1,408

1,098

888

724

689

676

710

621

475

636

723

1,014

1,334

1,594

0

0

0

Incremental tax benefits from option exercises

-

-

-

-

-

-

-

-

-

-

-

2,877

3,214

3,058

1,279

772

1,115

3,796

3,679

3,709

2,967

101

51

0

0

0

-

-

-

-

-

-

-

-

Non-cash interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Gain on sale of property, plant and equipment, net

3,430

3,372

13

53

61

40

53

77

-139

116

104

254

99

21

15

18

1,239

1,383

1,558

1,443

172

126

-70

-34

57

15

7

0

0

0

-

-

-

-

Gain on bargain purchase

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,009

0

0

0

Gain on investments and sale of loans, net

15,808

11,433

9,877

9,207

12,409

14,954

15,795

14,544

8,682

8,541

7,118

6,942

6,346

6,471

5,836

6,611

6,685

6,450

6,263

5,350

5,038

5,155

5,544

0

0

0

-

-

-

-

-

-

-

-

Gain on sale of loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Gain on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

317

2,432

516

-100

2,004

251

2,653

3,092

1,036

1,490

167

449

-83

1,435

768

1,168

491

315

591

424

0

0

0

Accounts receivable

2,625

5,927

2,057

5,684

-5,706

1,663

7,023

4,118

4,432

2,374

3,137

5,772

2,028

39

-3,332

1,737

3,574

-2,225

6,205

-4,285

-100

7,182

2,148

11,667

7,102

3,711

3,878

2,617

1,473

2,966

5,217

0

0

0

Consumer loans receivable originated

-

0

133,959

-

-

124,610

125,632

126,404

126,590

128,975

125,429

109,140

99,362

95,891

99,314

105,569

107,927

112,922

107,957

95,933

92,195

86,879

94,280

105,831

113,372

120,190

111,414

104,186

96,083

86,903

78,212

0

0

0

Proceeds from sales of consumer loans

-

0

140,536

-

-

122,347

118,299

119,345

25,526

23,467

15,081

9,673

2,853

9,026

11,717

108,122

108,768

106,002

100,380

89,383

88,179

90,980

98,049

112,712

118,505

123,419

116,310

107,087

99,815

90,881

81,240

0

0

0

Principal payments on consumer loans receivable

-

0

11,659

-

-

11,646

13,038

12,664

105,842

105,506

104,527

102,218

102,335

101,721

101,130

11,452

12,390

13,237

14,143

14,322

14,312

14,314

15,319

14,616

14,574

13,632

12,288

14,127

13,131

17,611

12,511

0

0

0

Inventories

-10,773

-1,805

8,095

7,051

9,592

10,042

10,983

13,425

17,301

7,004

2,786

-5,261

3,319

-2,045

3,980

4,572

191

7,751

5,605

4,309

4,297

8,096

924

4,889

9,245

7,655

6,559

302

-3,815

-6,385

-1,019

0

0

0

Prepaid expenses and other current assets

4,370

7,917

8,339

12,942

2,031

-13,544

-3,091

-5,799

5,999

16,298

950

598

2,683

988

2,325

1,934

-1,359

3,136

233

1,454

6,264

3,916

2,913

3,159

739

138

2,419

1,044

1,930

1,033

2,971

0

0

0

Commercial loans receivable

5,500

10,631

16,122

26,543

10,192

2,566

4,234

-9,400

3,471

10,257

-730

-326

-2,745

4,584

7,515

2,936

903

1,011

-3,293

-1,563

-1,396

-2,791

-1,866

-3,798

-3,356

-724

-1,866

4,473

7,798

6,461

6,968

0

0

0

Accounts payable and accrued liabilities

4,727

3,057

1,517

4,712

3,659

-8,841

12,418

7,324

14,388

28,704

9,132

7,720

13,547

14,901

15,516

18,045

15,551

15,678

10,149

11,430

10,691

7,568

12,195

10,420

11,142

10,665

6,418

6,937

1,983

-980

11,240

0

0

0

Net cash provided by operating activities

84,798

58,621

51,749

32,836

61,516

68,089

55,147

58,966

29,803

31,100

38,297

37,270

36,104

47,801

43,543

43,132

46,767

27,462

25,698

37,738

33,036

33,306

46,757

35,252

29,306

27,083

20,720

19,898

18,739

20,495

16,430

0

0

0

INVESTING ACTIVITIES
Purchases of property, plant and equipment

7,805

7,704

8,020

7,636

11,679

10,483

9,471

8,386

3,977

3,969

3,999

5,415

5,512

4,883

3,519

2,974

2,385

2,326

2,210

2,277

2,370

2,289

2,265

1,863

1,201

920

755

717

974

1,619

2,427

0

0

0

Payments for Destiny Homes, net

-

-

-

-

-

-

-

1,638

1,638

564

564

0

0

1,001

28,121

28,121

28,121

27,120

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

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

88

125

118

125

148

127

136

474

285

491

507

335

124

92

93

60

5,337

5,586

6,035

6,031

751

531

61

88

1,818

1,780

1,796

0

0

0

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

67,639

0

0

0

Purchases of investments

6,488

6,046

7,421

7,337

8,298

11,417

12,917

12,537

13,041

11,339

10,136

14,783

14,457

15,069

17,114

16,507

17,993

17,939

16,707

15,199

15,824

17,954

17,121

14,905

12,647

9,085

8,243

5,905

4,448

4,987

3,484

0

0

0

Proceeds from sale of investments

10,629

8,609

9,612

9,033

16,545

17,175

17,690

17,416

8,408

8,471

7,734

10,708

10,694

10,613

10,434

11,769

11,033

10,326

10,783

8,314

8,290

10,703

9,661

10,118

9,890

6,783

5,062

4,313

5,620

5,580

6,101

0

0

0

Investment in debtor-in-possession note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,238

0

0

0

Proceeds from payoff of debtor-in-possession note receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

45,301

0

0

0

Net cash used in investing activities

-19,513

-20,953

-5,711

-5,815

-3,284

-5,672

-5,636

-4,671

-9,963

-6,910

-6,458

-9,155

-9,151

-10,248

-38,227

-35,773

-32,129

-31,473

-2,099

-3,131

-9,153

-9,009

-9,664

-6,562

-2,140

-1,442

-2,140

1,031

4,486

4,307

-23,074

0

0

0

FINANCING ACTIVITIES
Proceeds (payments) from exercise of stock options

226

-252

802

-114

75

495

-1,303

-915

-1,014

-1,470

-886

-1,729

-1,542

-1,652

705

1,010

800

379

500

636

748

498

357

162

50

88

2,199

2,199

2,214

2,188

1,463

0

0

0

Incremental tax benefits from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

2,877

3,214

3,058

1,279

772

1,115

3,796

3,679

3,709

2,967

101

51

0

0

0

-

-

-

-

-

-

-

-

Net (repayment) proceeds of construction lending line

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-4,550

-5,599

-3,487

-2,246

576

0

0

0

Proceeds from secured financings and other

0

0

0

-

0

0

0

-

0

0

0

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Payments on Virgo debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

19,456

0

0

0

Payments on securitized financings and other

39,936

41,543

25,528

26,688

7,763

7,972

8,094

8,040

8,326

8,418

8,120

8,241

7,536

7,911

7,514

6,617

6,903

6,775

7,703

9,498

10,494

11,924

12,375

11,783

11,294

10,507

9,500

10,475

10,381

11,132

11,358

0

0

0

Net cash used in financing activities

-39,634

-41,554

-24,485

-26,410

-3,320

-3,135

-1,597

124

-2,187

-1,085

-3,073

-4,534

-4,805

-5,275

-4,147

-3,436

-2,605

623

49

-1,886

-4,724

-10,528

-11,967

-11,621

-12,285

-12,955

-11,851

-13,875

-11,654

-11,190

-28,775

0

0

0

Net increase in cash, cash equivalents and restricted cash

25,651

-3,886

21,553

611

54,912

59,282

47,914

54,419

17,653

23,105

28,766

23,581

22,148

32,278

1,169

3,923

12,033

-3,388

23,648

32,721

19,159

13,769

25,126

17,069

14,881

12,686

6,729

7,054

11,571

13,612

-35,419

0

0

0

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

19,968

20,604

18,254

19,912

20,916

21,786

21,318

17,266

18,706

18,217

16,490

16,485

17,734

15,940

15,443

11,922

8,212

9,243

7,373

6,114

7,385

7,132

6,803

8,726

7,894

6,515

6,991

5,596

5,657

4,105

3,751

0

0

0

Cash paid for interest

994

1,475

1,928

2,302

2,601

2,702

2,806

2,910

3,018

3,127

3,265

3,622

3,719

3,788

3,862

3,835

3,923

4,010

4,103

4,225

4,370

4,535

4,709

4,881

4,751

5,128

5,527

5,978

6,723

6,952

6,873

0

0

0

Right-of-use assets recognized

14,322

13,464

13,043

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease obligations incurred

14,347

13,489

13,505

0

-524

-524

-524

1,225

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-