Cavco Industries, Inc. · NASDAQ:CVCO
Cavco Industries — Investor Presentation (July 2022)
17 slides from Cavco Industries's investor presentation, July 2022
Slide 1: Cavco Industries, Inc. Investor Presentation July 2022
investor.cavco.com Cavco Industries, Inc. Nasdaq: CVCO FACTORY-BUILT HOUSING SOLUTIONS I N V E S T O R P R E S E N T AT I O N J U LY 2 0 2 2
Slide 2: Cavco Overview
Cavco Overview Every employee at Cavco is involved in the important work of building, funding and insuring high quality, affordable homes. We take great pride in our work because these are the homes that provide stability and financial security for families across the country. Factory-built Housing
Slide 3: Nationwide System-built Housing Solutions
Nationwide System-built Housing Solutions Industry Leader Factory-built advantage • Founded in 1965, Nasdaq-listed • Affordability (CVCO) in 2003 • Cost advantages to site-built • Proportionally less impact of rising • 3rd largest U.S. Builder* interest rates • Well recognized brands, servicing all
Slide 4: Comprehensive Product Offering
Comprehensive Product Offering HUD-code Home Modular Home Multi-family/ Commercial Park Model 44
Slide 5: FY2022 Highlights
FY2022 Highlights Net Revenue ($ millions) • Twelve straight years of growing revenues and $1,627 profits $1,108 $1,062 $963 • Same-plant production up 10% despite labor and supply challenges • Commodore Homes acquisition expanded footprint into the Northeast and grew capacity by 25% • Two new produ
Slide 6: Focus on value-creation
Focus on value-creation • Growth investment • Existing plant expansion • New plant start-ups* • Acquisitions • Operational excellence • Product simplification • Process improvement • Responsible Balance Sheet management • People strategy * Glendale, AZ and Hamlet, NC to commence in calendar 2022 6
Slide 7: Corporate Responsibilities
Corporate Responsibilities 7
Slide 8: The Manufactured Housing Difference
The Manufactured Housing Difference Site-Built Manufactured Demand Drivers Housing Housing Recent loan rate increases have severely impacted • Interest rate increases affordability • Home price increases Median home price increased 24% over past 2 years Long-term undersupply has led to a nearly 6 mi
Slide 9: Manufactured Housing Differentiators
Manufactured Housing Differentiators Critical Component of addressing the housing deficit • Affordable housing • Most affordable form of home ownership • Ownership at monthly cost comparable to apartment rents • Average retail sales price approximately $107,000* (home only) • Compared to $350,000* f
Slide 10: Manufactured Housing Differentiators (continued)
Manufactured Housing Differentiators Critical Component of addressing the housing deficit (continued) • Rural housing, communities and urban in-fill • Faster production through controlled building environment • Can address affordable housing needs of all areas • Nearly 30% of new homes placed in com
Slide 11: Manufactured Housing Differentiators: Bipartisan Support
Manufactured Housing Differentiators Critical Component of addressing the housing deficit (continued) • Strong Bipartisan Support • Included in President Biden’s 2022 Housing Supply Action Plan are steps to support production and availability of manufactured homes by promoting modular and manufactur
Slide 12: Manufactured Housing Industry Profile
Manufactured Housing Industry Profile 33 140 4,000 43,000 Homebuilding Home Sales Land-Lease Corporations Factories Centers Communities In 2021, manufactured housing accounted for: • 88% of all new homes sold under $200,000 • 97% of all new homes sold under $150,000 2 of every 3 manufactured homes a
Slide 13: Industry Dynamics
Industry Dynamics Manufactured Housing is well-positioned to address the nation’s need for increased affordable housing • 6 million housing unit deficit, particularly at lower end where household growth has been exceeding supply for the past 15 years • Favorable demographics with growth of first tim
Slide 14: Manufactured Housing Industry annual shipments
Manufactured Housing Industry 30 year annual shipments 373,000 363,000 353,000 349,000 400,000 340,000 Average Annual Home Shipments 304,000 350,000 254,000 Since HUD code adoption (1976) 190,000 30 year average 161,000 251,000 300,000 211,000 198,000 250,000 193,000 188,000 171,000 169,000 200,000
Slide 15: Investment Considerations
Investment Considerations 12 consecutive years of increasing revenue and profit Results Strong record of cost management, operational excellence and growth Growing industry positioned to address the nation’s Compelling affordable housing needs Industry Favorable demographics and demand trends Respon
Slide 16: For further information on the Company, visit
For further information on the Company, visit www.Cavco.com 16
Slide 17: Forward Looking Statements
Forward Looking Statements Certain statements contained in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In general, all stateme