Cavco Industries, Inc. (NASDAQ:CVCO) Q1 2024 Earnings Call Transcript August 4, 2023 1:00 PM ET

Company Participants

Mark Fusler - Corporate Controller and Investor Relations

Bill Boor - President and Chief Executive Officer

Allison Aden - Executive Vice President and Chief Financial Officer

Paul Bigbee - Chief Accounting Officer

Conference Call Participants

Daniel Moore - CJS Securities

Greg Palm - Craig-Hallum

Jay McCanless - Wedbush

Operator

Good day, and welcome to the Cavco Industries First Quarter Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Mark Fusler, Corporate Controller and Investor Relations. Please go ahead.

Mark Fusler

Good day, and thank you for joining us for Cavco Industries First Quarter Fiscal Year 2021 Earnings Conference Call. During this call, you'll be hearing from Bill Boor, President and Chief Executive Officer; Allison Aden, Executive Vice President and Chief Financial Officer; and Paul Bigbee, Chief Accounting Officer.

Before we begin, we'd like to remind you that the comments made during this conference call by management may contain forward-looking statements including statements of expectations or assumptions about Cavco's financial and operational performance, revenues, earnings per share, cash flow or use, cost savings, operational efficiencies, current or future volatility in the credit markets or future market conditions. All forward-looking statements involve risks and uncertainties, which could affect Cavco's actual results and could cause its actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of Cavco. I encourage you to review Cavco's filings with the Securities and Exchange Commission including, without limitation, the company's most recent Forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.

This conference call also contains time-sensitive information that is accurate, only as of the date of this live broadcast, Friday, August 4, 2023. Cavco undertakes no obligation to revise or update any forward-looking statements, whether written or oral, to reflect events or circumstances after the date of this conference call, except as required by law.

Now I'd like to turn the call over to Bill Boor, President and Chief Executive Officer. Bill?

Bill Boor

Welcome, and thank you for joining us today to review our first quarter results. While the earnings release provides year-over-year comparisons, I'd like to focus primarily on the sequential movements which I think are more relevant in understanding the current dynamics. From an operating and financial results perspective, this quarter was very consistent with Q4. Sequential volumes were essentially flat, up about 2%.