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Acquisitions | 12 Months Ended
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Mar. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Fiscal Year 2024 Kentucky Dream Homes Acquisition On November 15, 2023, the Company acquired certain assets and assumed certain liabilities of Kentucky Dream Homes, LLC ("KDH"), a manufactured home retailer with locations in Kentucky and Florida for total consideratio n of $23.3 million, which includes $5.4 million non-cash commercial loan forgiveness. Th e remaining $17.9 million was paid with cash on hand. The final purchase price is subject to customary adjustments. The business is included in the Factory-built housing reportable business segment. The fair value of the assets acquired and liabilities assumed included $23.5 million of inventory, $4.4 million of goodwill and certain other assets and liabilities. The purchase accounting is subject to final adjustment, primarily for the working capital and amounts allocated to goodwill. We have included the financial results in our Consolidated Financial Statements from the date of acquisition. Pro forma historical results of operations related to this acquisition have not been presented because they are not significant to our Consolidated Financial Statements for the periods presented. Fiscal Year 2023 Solitaire Acquisition On January 3, 2023, we completed the acquisition of Solitaire Inc. and other related entities (collectively "Solitaire Homes") by acquiring 100% of the outstanding stock of Solitaire Homes. The acquisition-date fair value of the total consideration was $110.8 million. In fiscal 2023, we expensed $2.4 million in acquisition related transaction costs in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income. During the third fiscal quarter of 2024, we finalized the purchase price allocation related to the Solitaire acquisition, which did not have a material effect on the Consolidated Financial Statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands).
| January 3, 2023
| (as finalized)
Cash | $ | 5,041 |
Investments | 334 |
Accounts receivable | 2,749 |
Inventories | 57,902 |
Property, plant and equipment | 36,006 |
Other current assets | 1,579 |
Intangible assets(1) | 3,400 |
Total identifiable assets acquired | 107,011 |
Accounts payable and accrued liabilities | 11,335 |
Net identifiable assets acquired | 95,676 |
Goodwill(2) | 15,107 |
Net assets acquired | $ | 110,783 |
(1) Includes $1.3 million assigned to trade names, which are considered indefinite lived intangible assets and are not subject to amortization, $1.9 million assigned to customer-related intangibles, subject to a useful life of 10 years amortized on a straight-line basis, and $0.2 million for covenants not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (2) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes. Solitaire Homes contributed Net revenue of $28.3 million and a Net loss of $0.9 million for the fiscal year ended April 1, 2023. Pro Forma Impact of Acquisitions (Unaudited). The following table presents supplemental pro forma information as if the above acquisitions had occurred on April 4, 2021 (in thousands, except per share data):
| Year Ended
| April 1, 2023 |  | April 2, 2022
Net revenue | $ | 2,251,233 |  |  | $ | 1,914,866 |
Net income attributable to Cavco common stockholders | 251,903 |  |  | 208,149 |
Diluted net income per share | 28.23 |  |  | 22.47 |
Fiscal Year 2022 Craftsman Acquisition On July 4, 2021, we obtained an additional 20% ownership interest in Craftsman, which gave us a 70% controlling ownership interest and resulted in consolidation of the Entities. See Redeemable Noncontrolling Interest policy in Note 1. The purchase price on July 4, 2021 for 20% ownership was $2.5 million, valuing the Entities at $12.4 million. The remeasurement of the Entities assets and liabilities to fair value resulted in a non-cash gain of $3.3 million, recorded in Other income, net in the Consolidated Statements of Comprehensive Income. During fiscal year 2024, we executed amendments to the Membership Interest Purchase Agreement to acquire the entire remaining 30% for cash on January 1, 2024. Fiscal Year 2022 Commodore Acquisition On September 24, 2021, we purchased certain manufactured housing assets and assumed certain liabilities of Commodore. The acquisition-date fair value of the total consideration was $146.0 million. During the second fiscal quarter of 2023, we finalized the purchase price allocation related to the Commodore acquisition, which did not have a material effect on the Consolidated Financial Statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands).
| September 24, 2021
| (as finalized)
Cash | $ | 619 |
Accounts receivable | 20,930 |
Commercial loans | 30,922 |
Inventories | 31,787 |
Property, plant and equipment(1) | 59,339 |
Other current assets | 534 |
Intangible assets(2) | 12,500 |
Total identifiable assets acquired | 156,631 |
Accounts payable and accrued liabilities | 31,536 |
Net identifiable assets acquired | 125,095 |
Goodwill(3) | 20,892 |
Net assets acquired | $ | 145,987 |
(1) Includes assets acquired under finance leases. (2) Includes $7.2 million assigned to customer-related intangibles, subject to a useful life of 11 years amortized on a straight-line basis; $3.8 million assigned to trademarks and trade names, which are considered indefinite lived intangible assets and are not subject to amortization; $1.0 million for acquired sales order backlogs that will be amortized over the period to produce the associated backlog; and $0.5 million for a covenant not to compete from the sellers, amortized on a straight-line basis over the term of 5 years. (3) Attributable to the Factory-built housing segment, all of which will be deductible for income tax purposes.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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