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Consumer Cyclical - Residential Construction - NASDAQ - US
$ 476.84
1.13 %
$ 3.87 B
Market Cap
26.76
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jan, 19, 2025.

The intrinsic value of one CVCO stock under the worst case scenario is HIDDEN Compared to the current market price of 477 USD, Cavco Industries, Inc. is HIDDEN

This DCF valuation model was last updated on Jan, 19, 2025.

The intrinsic value of one CVCO stock under the base case scenario is HIDDEN Compared to the current market price of 477 USD, Cavco Industries, Inc. is HIDDEN

This DCF valuation model was last updated on Jan, 19, 2025.

The intrinsic value of one CVCO stock under the best case scenario is HIDDEN Compared to the current market price of 477 USD, Cavco Industries, Inc. is HIDDEN

2. FUNDAMENTAL ANALYSIS
FINANCIALS
1.79 B REVENUE
-16.24%
179 M OPERATING INCOME
-3.14%
158 M NET INCOME
-34.47%
225 M OPERATING CASH FLOW
-12.13%
-31.7 M INVESTING CASH FLOW
75.48%
-108 M FINANCING CASH FLOW
-5.40%
507 M REVENUE
6.25%
49.1 M OPERATING INCOME
27.43%
43.8 M NET INCOME
27.26%
54.7 M OPERATING CASH FLOW
15.38%
-5.68 M INVESTING CASH FLOW
-6.19%
-41.7 M FINANCING CASH FLOW
-30.93%
Balance Sheet Cavco Industries, Inc.
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Current Assets 852 M
Cash & Short-Term Investments 371 M
Receivables 141 M
Other Current Assets 340 M
Non-Current Assets 502 M
Long-Term Investments 17.3 M
PP&E 263 M
Other Non-Current Assets 222 M
Current Liabilities 273 M
Accounts Payable 33.5 M
Short-Term Debt 0
Other Current Liabilities 240 M
Non-Current Liabilities 47.5 M
Long-Term Debt 35.1 M
Other Non-Current Liabilities 12.3 M
EFFICIENCY
Earnings Waterfall Cavco Industries, Inc.
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Revenue 1.79 B
Cost Of Revenue 1.37 B
Gross Profit 427 M
Operating Expenses 248 M
Operating Income 179 M
Other Expenses 21.2 M
Net Income 158 M
RATIOS
23.79% GROSS MARGIN
23.79%
9.97% OPERATING MARGIN
9.97%
8.79% NET MARGIN
8.79%
15.27% ROE
15.27%
11.65% ROA
11.65%
13.73% ROIC
13.73%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Cavco Industries, Inc.
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Net Income 158 M
Depreciation & Amortization 18.5 M
Capital Expenditures -17.4 M
Stock-Based Compensation 6.76 M
Change in Working Capital 0
Others 44.7 M
Free Cash Flow 207 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Cavco Industries, Inc.
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Wall Street analysts predict an average 1-year price target for CVCO of $457 , with forecasts ranging from a low of $422 to a high of $495 .
CVCO Lowest Price Target Wall Street Target
422 USD -11.50%
CVCO Average Price Target Wall Street Target
457 USD -4.09%
CVCO Highest Price Target Wall Street Target
495 USD 3.81%
4. DIVIDEND ANALYSIS
5. COMPETITION
6. Ownership
Insider Ownership Cavco Industries, Inc.
image
Sold
0-3 MONTHS
1.69 M USD 5
3-6 MONTHS
2.71 M USD 4
6-9 MONTHS
0 USD 0
9-12 MONTHS
945 K USD 2
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
1 month ago
Dec 16, 2024
Sell 364 K USD
Blount Susan L
Director
- 750
485.56 USD
1 month ago
Dec 13, 2024
Sell 364 K USD
Blount Susan L
Director
- 750
485.5595 USD
1 month ago
Dec 09, 2024
Sell 62.9 K USD
SZE JULIA
Director
- 125
503.31 USD
1 month ago
Nov 25, 2024
Sell 535 K USD
BRANDOM JACK S
President, Financial Services
- 1000
535.34 USD
1 month ago
Nov 26, 2024
Sell 258 K USD
KERLEY RICHARD A
Director
- 500
516.27 USD
1 month ago
Nov 22, 2024
Sell 51.2 K USD
BIGBEE PAUL
Chief Accounting Officer
- 100
512.23 USD
2 months ago
Nov 08, 2024
Sell 57.3 K USD
SZE JULIA
Director
- 125
458.68 USD
4 months ago
Sep 12, 2024
Sell 1.64 M USD
BUNGER STEVEN G
Director
- 4000
409.2 USD
4 months ago
Sep 12, 2024
Sell 822 K USD
Blount Susan L
Director
- 2000
411.05 USD
4 months ago
Sep 11, 2024
Sell 35.3 K USD
BIGBEE PAUL
Chief Accounting Officer
- 88
401.4 USD
5 months ago
Aug 06, 2024
Sell 206 K USD
Like Steven K.
Senior Vice President
- 561
366.49 USD
5 months ago
Aug 06, 2024
Sell 5.2 K USD
Like Steven K.
Senior Vice President
- 14
371.65 USD
11 months ago
Feb 14, 2024
Sell 96.2 K USD
BIGBEE PAUL
Chief Accounting Officer
- 262
367.13 USD
11 months ago
Feb 09, 2024
Sell 849 K USD
Nino Matthew A
President, Retail
- 2357
360 USD
1 year ago
Nov 17, 2023
Sell 843 K USD
Like Steven K.
Senior Vice President
- 3000
281.11 USD
1 year ago
Nov 17, 2023
Sell 150 K USD
Like Steven K.
Senior Vice President
- 530
282.82 USD
1 year ago
Nov 15, 2023
Sell 1.02 M USD
BUNGER STEVEN G
Director
- 3502
292.64 USD
1 year ago
Nov 15, 2023
Sell 146 K USD
BUNGER STEVEN G
Director
- 498
293.87 USD
1 year ago
Mar 07, 2023
Sell 870 K USD
Ryan Gavin
See remarks
- 3000
290.03 USD
1 year ago
Mar 03, 2023
Sell 51.8 K USD
Greenblatt David A.
Director
- 181
286.25 USD
1 year ago
Mar 03, 2023
Sell 5.47 K USD
Greenblatt David A.
Director
- 19
287.75 USD
1 year ago
Mar 03, 2023
Sell 87.2 K USD
Greenblatt David A.
Director
- 300
290.8 USD
1 year ago
Mar 03, 2023
Sell 87.8 K USD
Greenblatt David A.
Director
- 303
289.67 USD
1 year ago
Mar 03, 2023
Sell 240 K USD
Greenblatt David A.
Director
- 820
292.09 USD
1 year ago
Mar 03, 2023
Sell 902 K USD
Greenblatt David A.
Director
- 3098
291.02 USD
1 year ago
Mar 03, 2023
Sell 844 K USD
Greenblatt David A.
Director
- 2880
292.94 USD
1 year ago
Mar 03, 2023
Sell 117 K USD
Greenblatt David A.
Director
- 399
292.43 USD
2 years ago
Aug 09, 2022
Sell 167 K USD
Greenblatt David A.
director:
- 600
277.64 USD
3 years ago
Nov 11, 2021
Sell 819 K USD
Like Steven K.
Senior Vice President
- 2800
292.6 USD
3 years ago
Aug 25, 2021
Sell 7.36 K USD
BUNGER STEVEN G
Director
- 29
253.83 USD
3 years ago
Aug 25, 2021
Sell 6.39 K USD
BUNGER STEVEN G
Director
- 25
255.47 USD
3 years ago
Aug 25, 2021
Sell 106 K USD
BUNGER STEVEN G
Director
- 412
256.86 USD
3 years ago
Aug 25, 2021
Sell 484 K USD
BUNGER STEVEN G
Director
- 1878
257.89 USD
3 years ago
Aug 25, 2021
Sell 84.9 K USD
BUNGER STEVEN G
Director
- 328
258.91 USD
3 years ago
Aug 25, 2021
Sell 11.2 K USD
BUNGER STEVEN G
Director
- 43
260.24 USD
3 years ago
Aug 11, 2021
Sell 569 K USD
Nino Matthew A
President, Retail
- 2250
253 USD
3 years ago
Feb 10, 2021
Sell 90.7 K USD
Greenblatt David A.
Director
- 420
215.84 USD
3 years ago
Feb 10, 2021
Sell 60.6 K USD
Greenblatt David A.
Director
- 280
216.51 USD
3 years ago
Feb 10, 2021
Sell 109 K USD
Greenblatt David A.
Director
- 500
217.58 USD
3 years ago
Feb 10, 2021
Sell 180 K USD
Greenblatt David A.
Director
- 821
218.84 USD
3 years ago
Feb 09, 2021
Sell 257 K USD
Greenblatt David A.
Director
- 1195
215.22 USD
3 years ago
Feb 09, 2021
Sell 39.8 K USD
Greenblatt David A.
Director
- 184
216.42 USD
3 years ago
Feb 10, 2021
Sell 132 K USD
Greenblatt David A.
Director
- 600
219.52 USD
4 years ago
Sep 10, 2020
Sell 738 K USD
Greenblatt David A.
Director
- 4000
184.5 USD
6 years ago
Dec 03, 2018
Sell 335 K USD
Lott Charles E
President, Fleetwood Homes
- 2032
165.0271 USD
6 years ago
Sep 12, 2018
Sell 1.57 M USD
Boor William C
Director
- 6323
248.6615 USD
6 years ago
Aug 27, 2018
Sell 489 K USD
Lott Charles E
President, Fleetwood Homes
- 2000
244.6 USD
6 years ago
Aug 21, 2018
Sell 1.54 M USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 6402
240.4113 USD
6 years ago
Aug 22, 2018
Sell 1.28 M USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 5338
240.485 USD
6 years ago
Feb 27, 2018
Sell 1.06 M USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 6112
173.8335 USD
6 years ago
Mar 01, 2018
Sell 145 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 888
163 USD
7 years ago
Dec 15, 2017
Sell 431 K USD
Boor William C
Director
- 3000
143.6204 USD
7 years ago
Dec 07, 2017
Sell 365 K USD
HANNA JACK
Director
- 2464
147.9635 USD
7 years ago
Nov 16, 2017
Sell 586 K USD
BUNGER STEVEN G
Director
- 4000
146.5 USD
7 years ago
Sep 20, 2017
Sell 410 K USD
Greenblatt David A.
Director
- 3000
136.6811 USD
7 years ago
Jun 22, 2017
Sell 392 K USD
Boor William C
Director
- 3000
130.5921 USD
7 years ago
Mar 31, 2017
Sell 661 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 5646
117.0702 USD
7 years ago
Apr 03, 2017
Sell 2.02 M USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 17400
116.0125 USD
7 years ago
Apr 04, 2017
Sell 227 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 1954
116.0205 USD
8 years ago
Mar 15, 2016
Sell 43.3 K USD
HANNA JACK
Director
- 500
86.542 USD
8 years ago
Aug 15, 2016
Sell 1.11 M USD
BUNGER STEVEN G
Director
- 11000
101.203 USD
8 years ago
May 04, 2016
Sell 217 K USD
Boor William C
Director
- 2500
86.8106 USD
8 years ago
Apr 14, 2016
Sell 988 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 11000
89.8123 USD
8 years ago
Apr 15, 2016
Sell 810 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 9000
90.0182 USD
8 years ago
Mar 18, 2016
Sell 494 K USD
BUNGER STEVEN G
Director
- 5500
89.823 USD
9 years ago
Nov 30, 2015
Sell 1.83 M USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 19742
92.8545 USD
9 years ago
Dec 01, 2015
Sell 24 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
- 258
92.9393 USD
9 years ago
Nov 06, 2015
Sell 144 K USD
Lott Charles E
President, Fleetwood Homes
- 1516
95.25 USD
9 years ago
Jun 08, 2015
Sell 167 K USD
Boor William C
Director
- 2225
74.89 USD
10 years ago
Apr 30, 2014
Sell 249 K USD
Urness Daniel L
Chief Financial Officer
- 3225
77.206 USD
10 years ago
Feb 19, 2014
Sell 72.4 K USD
BUNGER STEVEN G
Director
- 985
73.519 USD
10 years ago
Feb 20, 2014
Sell 111 K USD
BUNGER STEVEN G
Director
- 1515
73.5 USD
10 years ago
Feb 21, 2014
Sell 184 K USD
BUNGER STEVEN G
Director
- 2500
73.51 USD
12 years ago
Jun 26, 2012
Sell 357 K USD
HANNA JACK
Director
- 7600
46.9702 USD
12 years ago
Jun 27, 2012
Sell 116 K USD
HANNA JACK
Director
- 2400
48.5298 USD
15 years ago
Dec 29, 2009
Sell 161 K USD
STEGMAYER JOSEPH H
President
- 4313
37.27 USD
15 years ago
Dec 30, 2009
Sell 190 K USD
STEGMAYER JOSEPH H
President
- 5121
37.11 USD
15 years ago
Dec 31, 2009
Sell 37.2 K USD
STEGMAYER JOSEPH H
President
- 1000
37.21 USD
15 years ago
Dec 29, 2009
Sell 161 K USD
STEGMAYER JOSEPH H
President
- 4313
37.27 USD
15 years ago
Dec 30, 2009
Sell 190 K USD
STEGMAYER JOSEPH H
President
- 5121
37.11 USD
15 years ago
Dec 31, 2009
Sell 37.2 K USD
STEGMAYER JOSEPH H
President
- 1000
37.21 USD
16 years ago
Aug 08, 2008
Sell 886 K USD
BUNGER STEVEN G
Director
- 25000
35.4297 USD
17 years ago
Dec 26, 2007
Bought 2.6 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
+ 90
28.84 USD
17 years ago
Dec 26, 2007
Bought 14.4 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
+ 500
28.86 USD
17 years ago
Dec 24, 2007
Bought 29 K USD
STEGMAYER JOSEPH H
Chairman, CEO & President
+ 1000
29.05 USD
17 years ago
Nov 07, 2007
Sell 170 K USD
HANNA JACK
Director
- 4500
37.7134 USD
17 years ago
Nov 07, 2007
Sell 141 K USD
HANNA JACK
Director
- 3750
37.7134 USD
17 years ago
Nov 06, 2007
Sell 74.5 K USD
HANNA JACK
Director
- 2000
37.248 USD
17 years ago
May 14, 2007
Sell 96.9 K USD
HANNA JACK
Director
- 3000
32.2867 USD
17 years ago
May 14, 2007
Sell 96.8 K USD
HANNA JACK
Director
- 3000
32.2804 USD
17 years ago
May 14, 2007
Sell 109 K USD
HANNA JACK
Director
- 3000
36.32 USD
17 years ago
May 14, 2007
Sell 163 K USD
HANNA JACK
Director
- 4500
36.2585 USD
18 years ago
Jun 05, 2006
Sell 48.9 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 1000
48.899 USD
18 years ago
May 31, 2006
Sell 62.4 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 1316
47.42 USD
18 years ago
May 02, 2006
Sell 8.63 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 184
46.9 USD
19 years ago
Jan 11, 2006
Sell 20.8 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 500
41.536 USD
19 years ago
Jan 11, 2006
Sell 20.8 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 500
41.536 USD
19 years ago
Sep 02, 2005
Sell 18.4 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 500
36.8019 USD
19 years ago
Sep 01, 2005
Sell 17.5 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 500
34.95 USD
19 years ago
Sep 01, 2005
Sell 17.5 K USD
GAMCO INVESTORS, INC. ET AL
10 percent owner
- 500
34.95 USD
19 years ago
Jul 18, 2005
Sell 14.5 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
- 500
29.0063 USD
19 years ago
May 11, 2005
Sell 13.9 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
- 500
27.826 USD
19 years ago
Apr 29, 2005
Sell 27 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
- 1000
26.95 USD
19 years ago
Mar 08, 2005
Sell 42.3 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
- 1500
28.1801 USD
19 years ago
Mar 04, 2005
Sell 13.9 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
- 500
27.72 USD
20 years ago
Jul 15, 2004
Bought 9.21 K USD
GABELLI ASSET MANAGEMENT INC ET AL
10 percent owner
+ 250
36.844 USD
7. News
Is Cavco Industries (CVCO) Stock Outpacing Its Construction Peers This Year? Here is how Cavco (CVCO) and Frontdoor (FTDR) have performed compared to their sector so far this year. zacks.com - 1 month ago
Cavco (CVCO) is on the Move, Here's Why the Trend Could be Sustainable Cavco (CVCO) could be a great choice for investors looking to make a profit from fundamentally strong stocks that are currently on the move. It is one of the several stocks that made it through our "Recent Price Strength" screen. zacks.com - 1 month ago
Cavco (CVCO) is on the Move, Here's Why the Trend Could be Sustainable Cavco (CVCO) could be a solid choice for shorter-term investors looking to capitalize on the recent price trend in fundamentally sound stocks. It is one of the many stocks that passed through our shorter-term trading strategy-based screen. zacks.com - 2 months ago
Cavco Industries, Inc. (CVCO) Q2 2025 Earnings Call Transcript Cavco Industries, Inc. (NASDAQ:CVCO ) Q3 2024 Earnings Call Transcript November 1, 2024 1:00 PM ET Company Participants Mark Fusler - Corporate Controller and IR Bill Boor - President and CEO Allison Aden - EVP and CFO Paul Bigbee - CAO Conference Call Participants Daniel Moore - Daniel Moore Greg Palm - Craig-Hallum Capital Group Jay McCanless - Wedbush Daniel Moore - CJS Securities Operator Good day, and thank you for standing by. Welcome to the Second Quarter Fiscal Year 2025 Cavco Industries, Inc. Earnings Call Webcast. seekingalpha.com - 2 months ago
Cavco (CVCO) Q2 Earnings and Revenues Top Estimates Cavco (CVCO) came out with quarterly earnings of $5.28 per share, beating the Zacks Consensus Estimate of $4.70 per share. This compares to earnings of $4.76 per share a year ago. zacks.com - 2 months ago
Cavco Industries Reports Fiscal 2025 Second Quarter Results and Announces New $100 Million Stock Repurchase Program PHOENIX, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the second fiscal quarter ended September 28, 2024. Quarterly Highlights Net revenue was $507 million , up $55 million or 12.3% compared to $452 million in the second quarter of the prior year, primarily on home sales volume growth. globenewswire.com - 2 months ago
Webcast Alert: Cavco Industries, Inc. Announces Fiscal 2025 Second Quarter Earnings Release and Conference Call Webcast PHOENIX, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) will release earnings for the second quarter ended September 28, 2024 on Thursday, October 31, 2024 after the close of market. Senior management will discuss the results in a live webcast the following day, Friday, November 1, 2024 at 1:00 p.m. Eastern Time. globenewswire.com - 2 months ago
Cavco Industries Releases 2024 Enviornmental, Social and Governance Cavco Industries unveils its 2024 Environmental, Social and Governance Report, emphasizing its dedication to affordable housing solutions, environmental sustainability and transparent governance practices. Cavco Industries unveils its 2024 Environmental, Social and Governance Report, emphasizing its dedication to affordable housing solutions, environmental sustainability and transparent governance practices. globenewswire.com - 2 months ago
Cavco's Future Looks Bright as Affordable Housing Demand Soars After dropping to their lowest level in two years following the Federal Reserve's September rate cut announcement, 30-year fixed-rate mortgages have climbed higher once again. Nonetheless, the environment is looking more favorable for homebuilding companies, as buyers are incentivized to make offers, and companies are better able to access loans to fund development projects and growth. marketbeat.com - 3 months ago
Cavco Industries Isn't AI AI is widely assumed to be big, but AH (Affordable Housing) is a more critical need and is becoming a vital growth investment theme in its own right. That's why shares of Cavco, in particular, and homebuilders, in general, have been performing better than interest rate trends alone might lead one to expect. Investors are looking beyond today's soft company earnings toward gains many expect as society tackles affordability obstacles. seekingalpha.com - 3 months ago
HUD's Latest Code Changes Signal a New Era for Multi-Unit Affordable Housing New HUD Codes approve multi-dwelling unit manufactured homes for nationwide construction New HUD Codes approve multi-dwelling unit manufactured homes for nationwide construction globenewswire.com - 4 months ago
Cingulate stock surges 115% after European patent approval for ADHD treatment: Is it a buy? Cingulate Inc (NASDAQ: CING), a biopharmaceutical firm specializing in innovative ADHD treatments, experienced a remarkable surge in its stock price on Friday, with shares skyrocketing by 115%. This dramatic increase is attributed to the company's recent achievement of securing a European patent for CTx-1301, its flagship ADHD treatment. invezz.com - 5 months ago
8. Profile Summary

Cavco Industries, Inc. CVCO

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COUNTRY US
INDUSTRY Residential Construction
MARKET CAP $ 3.87 B
Dividend Yield 0.00%
Description Cavco Industries, Inc. designs, produces, and retails manufactured homes primarily in the United States. It operates in two segments, Factory-Built Housing and Financial Services. The company markets its manufactured homes under the Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, and MidCountry brands. It also builds park model RVs; vacation cabins; and factory-built commercial structures, including apartment buildings, condominiums, hotels, workforce housing, schools, and housing for the United States military troops. In addition, the company produces various modular homes, which include single and multi-section ranch, split-level, and Cape Cod style homes, as well as two- and three-story homes, and multi-family units. Further, it provides conforming and non-conforming mortgages and home-only loans to purchasers of various brands of factory-built homes sold by company-owned retail stores, as well as various independent distributors, builders, communities, and developers. Additionally, the company offers property and casualty insurance to owners of manufactured homes. As of April 3, 2022, it operated 45 company-owned retail stores in Oregon, Arizona, Nevada, New Mexico, Texas, Indiana, Oklahoma, Florida, and New York. The company also distributes its homes through a network of independent distribution points in 48 states and Canada; and through planned community operators and residential developers. Cavco Industries, Inc. was founded in 1965 and is headquartered in Phoenix, Arizona.
Contact 3636 North Central Avenue, Phoenix, AZ, 85012 https://www.cavco.com
IPO Date July 1, 2003
Employees 6500
Officers Mr. Paul W. Bigbee Chief Accounting Officer Mr. Anthony R. Crutcher Chief Information Officer Mr. Steven Keith Like Senior Vice President of Corporate Development Ms. Allison K. Aden CPA Executive Vice President, Chief Financial Officer & Treasurer Mr. Matthew Allen Nino President of Retail Mr. Mark Fusler Director of Financial Reporting & Investor Relations Mr. Brian R. Cira President of Manufactured Housing Mr. Seth Schuknecht EVice President, General Counsel, Chief Compliance Officer & Corporate Secretary Ms. Colleen J. Rogers Senior Vice President of Marketing & Communications Mr. William C. Boor C.F.A. President, Chief Executive Officer & Director