Champion Homes Announces Second Quarter Fiscal 2025 Results
Champion Homes (NYSE: SKY) reported strong Q2 fiscal 2025 results with net sales increasing 32.9% to $616.9 million. U.S. homes sold rose 31.3% to 6,357 units, while ASP per U.S. home increased 4.5% to $92,400. The company achieved a gross profit margin of 27.0%, expanding 190 basis points year-over-year. Net income grew 19.8% to $54.7 million, with EPS rising 19% to $0.94. Total backlog increased 5.6% to $427 million from the previous quarter. The company maintained strong liquidity with $570.2 million in cash and repurchased $20 million of shares during the quarter.
Champion Homes (NYSE: SKY) ha riportato risultati solidi per il secondo trimestre dell'anno fiscale 2025, con vendite nette in aumento del 32,9%, raggiungendo 616,9 milioni di dollari. Le case vendute negli Stati Uniti sono aumentate del 31,3%, attestandosi a 6.357 unità, mentre il prezzo medio per casa negli Stati Uniti è aumentato del 4,5%, arrivando a $92.400. L'azienda ha realizzato un margine di profitto lordo del 27,0%, con un'espansione di 190 punti base rispetto all'anno precedente. L'utile netto è cresciuto del 19,8%, raggiungendo 54,7 milioni di dollari, con un utile per azione (EPS) aumentato del 19%, arrivando a 0,94 dollari. L'ammontare totale degli ordini in corso è aumentato del 5,6%, raggiungendo 427 milioni di dollari rispetto al trimestre precedente. L'azienda ha mantenuto una solida liquidità con 570,2 milioni di dollari in cassa e ha riacquistato 20 milioni di dollari di azioni durante il trimestre.
Champion Homes (NYSE: SKY) reportó resultados sólidos para el segundo trimestre del año fiscal 2025, con ventas netas que aumentaron un 32,9%, alcanzando 616,9 millones de dólares. Las casas vendidas en EE. UU. aumentaron un 31,3%, totalizando 6.357 unidades, mientras que el precio promedio por casa en EE. UU. aumentó un 4,5%, llegando a $92,400. La empresa logró un margen de ganancia bruta del 27,0%, expandiéndose en 190 puntos básicos en comparación con el año anterior. El ingreso neto creció un 19,8%, alcanzando 54,7 millones de dólares, con un EPS (ganancia por acción) que subió un 19%, alcanzando los 0,94 dólares. La cartera total de pedidos aumentó un 5,6%, alcanzando los 427 millones de dólares respecto al trimestre anterior. La empresa mantuvo una sólida liquidez con 570,2 millones de dólares en efectivo y recompró 20 millones de dólares en acciones durante el trimestre.
Champion Homes (NYSE: SKY)는 2025 회계연도 2분기 강력한 실적을 보고하였으며, 순매출이 32.9% 증가하여 6억 1,690만 달러에 달했습니다. 미국 내 주택 판매량은 31.3% 증가하여 6,357 유닛에 도달하였으며, 미국 주택 당 평균 판매 가격(ASP)은 4.5% 증가하여 $92,400에 이르렀습니다. 이 회사는 총 이익률을 27.0%로 달성하여 전년 대비 190bp 확대되었습니다. 순이익은 19.8% 증가하여 5,470만 달러에 도달했으며, 주당순이익(EPS)은 19% 증가한 0.94달러로 올라갔습니다. 총 수주 잔고는 전 분기 대비 5.6% 증가하여 4억 2,700만 달러에 도달했습니다. 이 회사는 5억 7,020만 달러의 현금을 보유하며 강한 유동성을 유지했고, 분기 동안 2천만 달러의 자사주 매입을 진행했습니다.
Champion Homes (NYSE: SKY) a présenté de solides résultats pour le deuxième trimestre de l'exercice fiscal 2025, avec des ventes nettes en hausse de 32,9% pour atteindre 616,9 millions de dollars. Le nombre de maisons vendues aux États-Unis a augmenté de 31,3% pour atteindre 6 357 unités, tandis que le prix moyen de vente par maison aux États-Unis a augmenté de 4,5% pour atteindre 92 400 $. L'entreprise a réalisé une marge brute bénéficiaire de 27,0%, soit une augmentation de 190 points de base par rapport à l'année précédente. Le bénéfice net a augmenté de 19,8% pour atteindre 54,7 millions de dollars, avec un BPA (bénéfice par action) en hausse de 19% à 0,94 $. Le carnet de commandes total a augmenté de 5,6% pour atteindre 427 millions de dollars par rapport au trimestre précédent. L'entreprise a maintenu une forte liquidité avec 570,2 millions de dollars en liquide et a racheté pour 20 millions de dollars d'actions pendant le trimestre.
Champion Homes (NYSE: SKY) meldete starke Ergebnisse für das zweite Quartal des Geschäftsjahres 2025, mit einem Anstieg der Nettoumsätze um 32,9% auf 616,9 Millionen US-Dollar. Die in den USA verkauften Häuser stiegen um 31,3% auf 6.357 Einheiten, während der durchschnittliche Verkaufspreis pro US-Haus um 4,5% auf 92.400 US-Dollar anstieg. Das Unternehmen erzielte eine Bruttogewinnmarge von 27,0%, was einer Verbesserung von 190 Basispunkten im Jahresvergleich entspricht. Der Nettogewinn stieg um 19,8% auf 54,7 Millionen US-Dollar, während das EPS um 19% auf 0,94 US-Dollar anstieg. Der gesamte Auftragsbestand erhöhte sich um 5,6% auf 427 Millionen US-Dollar im Vergleich zum vorherigen Quartal. Das Unternehmen hielt eine hohe Liquidität mit 570,2 Millionen US-Dollar in bar und kaufte im Quartal Aktien im Wert von 20 Millionen US-Dollar zurück.
- Net sales grew significantly by 32.9% to $616.9 million
- U.S. homes sold increased 31.3% to 6,357 units
- Gross profit margin expanded 190 basis points to 27.0%
- Net income rose 19.8% to $54.7 million
- Total backlog increased 5.6% to $427 million
- Cash position strengthened to $570.2 million
- Adjusted EBITDA margin contracted 60 basis points to 12.0%
- SG&A expenses as percentage of sales increased to 16.2% from 13.9%
- Canadian factory-built homes sold decreased to 179 from 232 units
Insights
A remarkable quarter for Champion Homes with
Key financial highlights include expanded gross margins of
While SG&A expenses increased significantly due to acquisitions, the
Champion Homes' performance reflects robust demand in the affordable housing segment, particularly notable given the challenging mortgage rate environment. The
The expansion in retail footprint and digital direct-to-consumer strategy is proving effective, though Canadian market softness warrants monitoring. The growing backlog suggests sustained demand for manufactured housing as a solution to the affordable housing crisis, despite higher interest rates impacting the broader housing market.
Second Quarter Fiscal 2025 Highlights (compared to Second Quarter Fiscal 2024)
-
Net sales increased
32.9% to$616.9 million -
U.S. homes sold increased31.3% to 6,357 -
Total backlog increased
5.6% to from the sequential first quarter$427 million -
Average selling price (“ASP”) per
U.S. home sold increased4.5% to$92,400 -
Gross profit margin expanded by 190 basis points to
27.0% -
Net income increased by
19.8% to$54.7 million -
Earnings per diluted share (“EPS”) increased
19.0% to$0.94 -
Adjusted EBITDA increased
26.2% to$74.2 million -
Adjusted EBITDA margin contracted by 60 basis points to
12.0% -
Net cash generated by operating activities of
during the quarter$59.8 million -
Repurchased
of shares under the share repurchase program$20.0 million
“I am pleased to report that Champion Homes delivered another strong quarter, generating healthy margins and cash flow," said Mark Yost, President and Chief Executive Officer of Champion Homes. "Our continued focus on our digital direct-to-consumer strategy, combined with our retail footprint expansion and strong consumer demand for attainable housing, positioned us to achieve significant growth in home sales compared to last year. Our talented teams have enabled us to advance our strategic initiatives and enhance our capacity to deliver value to our customers and shareholders."
Second Quarter Fiscal 2025 Results
Net sales for the second quarter fiscal 2025 increased
Gross profit increased by
Selling, general, and administrative expenses (“SG&A”) in the second quarter fiscal 2025 increased to
Net income increased by
Adjusted EBITDA for the second quarter fiscal 2025 increased by
As of September 28, 2024, Champion Homes had
Conference Call and Webcast Information:
Champion Homes’ management will host a conference call tomorrow, October 29, 2024, at 8:00 a.m. Eastern Time, to discuss Champion Homes’ financial results and an update on current operations.
Investors and other interested parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of Champion Homes’ website at ir.championhomes.com. The online replay will be available on the same website immediately following the call.
The conference call can also be accessed by dialing (877) 407-4018 (domestic) or (201) 689-8471 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13749107. The replay will be available until 11:59 P.M. Eastern Time on November 12, 2024.
About Champion Homes, Inc.:
Champion Homes, Inc. (NYSE: SKY) is a leading producer of factory-built housing in
In addition to its core home building business, Champion Homes provides construction services to install and set-up factory-built homes, operates a factory-direct retail business with 72 retail locations across
Champion Homes builds homes under some of the most well-known brand names in the factory-built housing industry including Skyline Homes, Champion Homes, Genesis Homes, Regional Homes, Athens Park Models, Dutch Housing, Atlantic Homes, Excel Homes, Homes of Merit,
Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with
Champion Homes defines Adjusted EBITDA as net income or loss attributable to Champion Homes, Inc. plus expenses or minus income, (a) the provision for income taxes, (b) interest income or expense, net, (c) depreciation and amortization, (d) gain or loss from discontinued operations, (e) non-cash restructuring charges and impairment of assets, (f) equity in net earnings or losses of ECN, (g) charges related to the remediation of the water intrusion product liability claims; and (h) other non-operating income and costs, including but not limited to those costs for the acquisition and integration or disposition of businesses, including the change in fair value of contingent consideration, and idle facilities. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net sales reported in the income statements.
Champion Homes defines Adjusted Net Income as net income or loss attributable to Champion Homes, Inc. plus expenses or minus income (net of tax where applicable), (a) gain or loss from discontinued operations, (b) non-cash restructuring charges and impairment of assets, (c) equity in net earnings or losses of ECN, (d) charges related to the remediation of estimated water intrusion product liability, and (e) other non-operating income or expense including, but not limited to those costs for the acquisition and integration or disposition of businesses, including the change in fair value of contingent consideration, and idle facilities. Champion Homes defines Adjusted EPS as Adjusted Net Income divided by shares outstanding.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted EPS are not measures of earnings calculated in accordance with
Forward-Looking Statements
Statements in this press release, including certain statements regarding Champion Homes’ strategic initiatives, and future market demand are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of words such as "believe," "expect," "future," "anticipate," "intend," "plan," "foresee," "may," "could," "should," "will," "potential," "continue," or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Champion Homes. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include regional, national and international economic, financial, public health and labor conditions, and the following: supply-related issues, including prices and availability of materials; labor-related issues; inflationary pressures in the North American economy; the cyclicality and seasonality of the housing industry and its sensitivity to changes in general economic or other business conditions; demand fluctuations in the housing industry, including as a result of actual or anticipated increases in homeowner borrowing rates; the possible unavailability of additional capital when needed; competition and competitive pressures; changes in consumer preferences for our products or our failure to gauge those preferences; quality problems, including the quality of parts sourced from suppliers and related liability and reputational issues; data security breaches, cybersecurity attacks, and other information technology disruptions; the potential disruption of operations caused by the conversion to new information systems; the extensive regulation affecting the production and sale of factory-built housing and the effects of possible changes in laws with which we must comply; the potential impact of natural disasters on sales and raw material costs; the risks associated with mergers and acquisitions, including integration of operations and information systems; periodic inventory adjustments by, and changes to relationships with, independent retailers; changes in interest and foreign exchange rates; insurance coverage and cost issues; the possibility that all or part of our intangible assets, including goodwill, might become impaired; the possibility that all or part of our investment in ECN Capital Corp. ("ECN") might become impaired; the possibility that our risk management practices may leave us exposed to unidentified or unanticipated risks; the potential disruption to our business caused by public health issues, such as an epidemic or pandemic, and resulting government actions; the possibility our share repurchase program will not enhance long-term stockholder value, could increase the volatility of our stock price, and diminish our cash reserves; and other risks set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management's Discussion and Analysis of Financial Condition and Results of Operations” section, and other sections, as applicable, in our Annual Reports on Form 10-K, including our Annual Report on Form 10-K for the fiscal year ended March 30, 2024 previously filed with the Securities and Exchange Commission (“SEC”), as well as in our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with or furnished to the SEC.
If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, then the developments and future events concerning Champion Homes set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. Champion Homes assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.
CHAMPION HOMES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
|
|
September 28, 2024
|
|
|
March 30, 2024 |
|
||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
570,231 |
|
|
$ |
495,063 |
|
Trade accounts receivable, net |
|
|
74,755 |
|
|
|
64,632 |
|
Inventories, net |
|
|
325,534 |
|
|
|
318,737 |
|
Other current assets |
|
|
43,594 |
|
|
|
39,870 |
|
Total current assets |
|
|
1,014,114 |
|
|
|
918,302 |
|
Long-term assets: |
|
|
|
|
|
|
||
Property, plant, and equipment, net |
|
|
300,840 |
|
|
|
290,930 |
|
Goodwill |
|
|
357,973 |
|
|
|
357,973 |
|
Amortizable intangible assets, net |
|
|
70,491 |
|
|
|
76,369 |
|
Deferred tax assets |
|
|
27,784 |
|
|
|
26,878 |
|
Other noncurrent assets |
|
|
256,470 |
|
|
|
252,889 |
|
Total assets |
|
$ |
2,027,672 |
|
|
$ |
1,923,341 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Floorplan payable |
|
$ |
85,978 |
|
|
$ |
91,286 |
|
Accounts payable |
|
|
64,260 |
|
|
|
50,820 |
|
Other current liabilities |
|
|
268,446 |
|
|
|
247,495 |
|
Total current liabilities |
|
|
418,684 |
|
|
|
389,601 |
|
Long-term liabilities: |
|
|
|
|
|
|
||
Long-term debt |
|
|
24,690 |
|
|
|
24,669 |
|
Deferred tax liabilities |
|
|
7,297 |
|
|
|
6,905 |
|
Other liabilities |
|
|
84,745 |
|
|
|
79,796 |
|
Total long-term liabilities |
|
|
116,732 |
|
|
|
111,370 |
|
|
|
|
|
|
|
|
||
Stockholders' Equity: |
|
|
|
|
|
|
||
Common stock |
|
|
1,592 |
|
|
|
1,605 |
|
Additional paid-in capital |
|
|
579,685 |
|
|
|
568,203 |
|
Retained earnings |
|
|
924,408 |
|
|
|
866,485 |
|
Accumulated other comprehensive loss |
|
|
(13,429 |
) |
|
|
(13,923 |
) |
Total stockholders’ equity |
|
|
1,492,256 |
|
|
|
1,422,370 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,027,672 |
|
|
$ |
1,923,341 |
|
CHAMPION HOMES, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited, dollars in thousands, except per share amounts)
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||||
Net sales |
|
$ |
616,877 |
|
|
$ |
464,236 |
|
|
$ |
1,244,656 |
|
|
$ |
929,005 |
|
Cost of sales |
|
|
450,544 |
|
|
|
347,747 |
|
|
|
914,108 |
|
|
|
682,843 |
|
Gross profit |
|
|
166,333 |
|
|
|
116,489 |
|
|
|
330,548 |
|
|
|
246,162 |
|
Selling, general, and administrative expenses |
|
|
99,655 |
|
|
|
64,454 |
|
|
|
208,482 |
|
|
|
134,893 |
|
Operating income |
|
|
66,678 |
|
|
|
52,035 |
|
|
|
122,066 |
|
|
|
111,269 |
|
Interest (income), net |
|
|
(4,737 |
) |
|
|
(10,480 |
) |
|
|
(8,986 |
) |
|
|
(19,781 |
) |
Other expense (income) |
|
|
14 |
|
|
|
2,065 |
|
|
|
(1,205 |
) |
|
|
2,065 |
|
Income before income taxes |
|
|
71,401 |
|
|
|
60,450 |
|
|
|
132,257 |
|
|
|
128,985 |
|
Income tax expense |
|
|
15,392 |
|
|
|
14,781 |
|
|
|
29,111 |
|
|
|
32,047 |
|
Net income before equity in net loss of affiliates |
|
|
56,009 |
|
|
|
45,669 |
|
|
|
103,146 |
|
|
|
96,938 |
|
Equity in net loss of affiliates |
|
|
691 |
|
|
|
— |
|
|
|
2,034 |
|
|
|
— |
|
Net income |
|
|
55,318 |
|
|
|
45,669 |
|
|
|
101,112 |
|
|
|
96,938 |
|
Net (income) attributable to non-controlling interest |
|
|
(584 |
) |
|
|
— |
|
|
|
(584 |
) |
|
|
— |
|
Net income attributable to Champion Homes, Inc. |
|
$ |
54,734 |
|
|
$ |
45,669 |
|
|
$ |
100,528 |
|
|
$ |
96,938 |
|
Net income attributable to Champion Homes, Inc. per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.95 |
|
|
$ |
0.80 |
|
|
$ |
1.74 |
|
|
$ |
1.69 |
|
Diluted |
|
$ |
0.94 |
|
|
$ |
0.79 |
|
|
$ |
1.73 |
|
|
$ |
1.68 |
|
CHAMPION HOMES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, dollars in thousand)
|
|
Six months ended |
|
|||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||
|
|
|
|
|||||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
101,112 |
|
|
$ |
96,938 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
20,123 |
|
|
|
14,378 |
|
Amortization of deferred financing fees |
|
|
187 |
|
|
|
162 |
|
Equity-based compensation |
|
|
11,213 |
|
|
|
10,943 |
|
Deferred taxes |
|
|
(596 |
) |
|
|
(1,919 |
) |
Loss on disposal of property, plant, and equipment |
|
|
57 |
|
|
|
96 |
|
Foreign currency transaction (gain) loss |
|
|
(70 |
) |
|
|
76 |
|
Equity in net loss of affiliates |
|
|
2,034 |
|
|
|
— |
|
Dividends from equity method investment |
|
|
766 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
7,912 |
|
|
|
— |
|
Change in assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(10,051 |
) |
|
|
12,101 |
|
Floor plan receivables |
|
|
(15,155 |
) |
|
|
(2,521 |
) |
Inventories |
|
|
(6,759 |
) |
|
|
20,059 |
|
Other assets |
|
|
(330 |
) |
|
|
(13,434 |
) |
Accounts payable |
|
|
13,895 |
|
|
|
4,387 |
|
Accrued expenses and other liabilities |
|
|
20,104 |
|
|
|
(12,128 |
) |
Net cash provided by operating activities |
|
|
144,442 |
|
|
|
129,138 |
|
Cash flows from investing activities |
|
|
|
|
|
|
||
Additions to property, plant, and equipment |
|
|
(24,827 |
) |
|
|
(22,847 |
) |
Cash paid for equity method investment |
|
|
— |
|
|
|
(1,000 |
) |
Cash paid for investment in ECN common stock |
|
|
— |
|
|
|
(78,858 |
) |
Cash paid for investment in ECN preferred stock |
|
|
— |
|
|
|
(64,520 |
) |
Investment in floor plan loans |
|
|
— |
|
|
|
(18,466 |
) |
Proceeds from floor plan loans |
|
|
2,136 |
|
|
|
10,528 |
|
Proceeds from disposal of property, plant, and equipment |
|
|
138 |
|
|
|
524 |
|
Net cash used in investing activities |
|
|
(22,553 |
) |
|
|
(174,639 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
||
Changes in floor plan financing, net |
|
|
(5,308 |
) |
|
|
— |
|
Payments on long term debt |
|
|
(11 |
) |
|
|
— |
|
Payments on repurchase of common stock |
|
|
(40,000 |
) |
|
|
— |
|
Stock option exercises |
|
|
272 |
|
|
|
224 |
|
Tax payments for equity-based compensation |
|
|
(2,273 |
) |
|
|
(982 |
) |
Net cash used in financing activities |
|
|
(47,320 |
) |
|
|
(758 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
599 |
|
|
|
(39 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
75,168 |
|
|
|
(46,298 |
) |
Cash and cash equivalents at beginning of period |
|
|
495,063 |
|
|
|
747,453 |
|
Cash and cash equivalents at end of period |
|
$ |
570,231 |
|
|
$ |
701,155 |
|
CHAMPION HOMES, INC.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Unaudited, dollars in thousand)
|
|
Three months ended |
Six months ended |
|
||||||||||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||||
Reconciliation of Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Champion Homes, Inc. |
|
$ |
54,734 |
|
|
$ |
45,669 |
|
|
$ |
100,528 |
|
|
$ |
96,938 |
|
Income tax expense |
|
|
15,392 |
|
|
|
14,781 |
|
|
|
29,111 |
|
|
|
32,047 |
|
Interest (income), net |
|
|
(4,737 |
) |
|
|
(10,480 |
) |
|
|
(8,986 |
) |
|
|
(19,781 |
) |
Depreciation and amortization |
|
|
9,511 |
|
|
|
6,786 |
|
|
|
20,123 |
|
|
|
14,378 |
|
EBITDA |
|
|
74,900 |
|
|
|
56,756 |
|
|
|
140,776 |
|
|
|
123,582 |
|
Equity in net (income) loss of ECN |
|
|
(658 |
) |
|
|
— |
|
|
|
521 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
7,912 |
|
|
|
— |
|
Transaction costs |
|
|
— |
|
|
|
2,065 |
|
|
|
— |
|
|
|
2,065 |
|
Adjusted EBITDA |
|
$ |
74,242 |
|
|
$ |
58,821 |
|
|
$ |
149,209 |
|
|
$ |
125,647 |
|
CHAMPION HOMES, INC.
RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
(Unaudited, dollars and shares in thousands, except per share amounts)
(Certain amounts shown net of tax, as applicable)
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
|
September 28, 2024 |
|
|
September 30, 2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income attributable to Champion Homes, Inc. |
|
$ |
54,734 |
|
|
$ |
45,669 |
|
|
$ |
100,528 |
|
|
$ |
96,938 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity in net (income) loss of ECN |
|
|
(658 |
) |
|
|
— |
|
|
|
521 |
|
|
|
— |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
6,088 |
|
|
|
— |
|
Transaction costs |
|
|
— |
|
|
|
1,555 |
|
|
|
— |
|
|
|
1,555 |
|
Adjusted net income attributable to Champion Homes, Inc. |
|
$ |
54,076 |
|
|
$ |
47,224 |
|
|
$ |
107,137 |
|
|
$ |
98,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted basic net income per share |
|
$ |
0.94 |
|
|
$ |
0.83 |
|
|
$ |
1.85 |
|
|
$ |
1.72 |
|
Adjusted diluted net income per share |
|
$ |
0.93 |
|
|
$ |
0.82 |
|
|
$ |
1.84 |
|
|
$ |
1.71 |
|
Average basic shares outstanding |
|
|
57,648 |
|
|
|
57,232 |
|
|
|
57,757 |
|
|
|
57,224 |
|
Average diluted shares outstanding |
|
|
58,185 |
|
|
|
57,724 |
|
|
|
58,249 |
|
|
|
57,695 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028369370/en/
Investor information:
Name: Jason Blair
Email: jablair@championhomes.com
Phone: (248) 614-8211
Source: Champion Homes, Inc.
FAQ
What was Champion Homes (SKY) revenue growth in Q2 2025?
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