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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 1, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to

Commission File Number 000-08822
CAVCO INDUSTRIES INC.
(Exact name of registrant as specified in its charter)
Delaware56-2405642
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3636 North Central Ave, Ste 1200
PhoenixArizona85012
(Address of principal executive offices, including zip code)
(602) 256-6263
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01CVCOThe Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of October 28, 2022, 8,909,339 shares of the registrant's Common Stock, $.01 par value, were outstanding.



CAVCO INDUSTRIES, INC.
FORM 10-Q
October 1, 2022
TABLE OF CONTENTS
Page
Item 3. Not applicable
Item 4. Not applicable


PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
October 1,
2022
April 2,
2022
ASSETS(Unaudited)
Current assets
Cash and cash equivalents$333,249 $244,150 
Restricted cash, current14,535 14,849 
Accounts receivable, net96,614 96,052 
Short-term investments16,367 20,086 
Current portion of consumer loans receivable, net18,400 20,639 
Current portion of commercial loans receivable, net32,452 32,272 
Current portion of commercial loans receivable from affiliates, net211 372 
Inventories233,965 243,971 
Prepaid expenses and other current assets73,998 71,726 
Total current assets819,791 744,117 
Restricted cash335 335 
Investments38,323 34,933 
Consumer loans receivable, net28,570 29,245 
Commercial loans receivable, net41,420 33,708 
Commercial loans receivable from affiliates, net2,022 2,214 
Property, plant and equipment, net189,968 164,016 
Goodwill100,577 100,993 
Other intangibles, net27,450 28,459 
Operating lease right-of-use assets16,210 16,952 
Total assets$1,264,666 $1,154,972 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$42,655 $43,082 
Accrued expenses and other current liabilities263,396 251,088 
Total current liabilities306,051 294,170 
Operating lease liabilities12,289 13,158 
Other liabilities10,420 10,836 
Deferred income taxes6,048 5,528 
Redeemable noncontrolling interest926 825 
Stockholders' equity
Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding
  
Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,314,152 and 9,292,278 shares, respectively
93 93 
Treasury stock, at cost; 404,813 and 241,773 shares, respectively
(100,000)(61,040)
Additional paid-in capital267,183 263,049 
Retained earnings762,474 628,756 
Accumulated other comprehensive loss(818)(403)
Total stockholders' equity928,932 830,455 
Total liabilities, redeemable noncontrolling interest and stockholders' equity$1,264,666 $1,154,972 
See accompanying Notes to Consolidated Financial Statements
1

CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months EndedSix Months Ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Net revenue
$577,392 $359,543 $1,165,730 $689,965 
Cost of sales
419,793 269,615 863,407 526,024 
Gross profit
157,599 89,928 302,323 163,941 
Selling, general and administrative expenses
66,894 45,372 133,030 86,204 
Income from operations
90,705 44,556 169,293 77,737 
Interest expense
(233)(203)(394)(367)
Other income, net
2,339 4,668 3,222 7,129 
Income before income taxes
92,811 49,021 172,121 84,499 
Income tax expense(18,613)(11,338)(38,229)(19,770)
Net income
74,198 37,683 133,892 64,729 
Less: net income attributable to redeemable noncontrolling interest82 73 174 73 
Net income attributable to Cavco common stockholders$74,116 $37,610 $133,718 $64,656 
Comprehensive income
Net income$74,198 $37,683 $133,892 $64,729 
Reclassification adjustment for securities sold (6) (6)1 
Applicable income taxes
1  1  
Net change in unrealized position of investments held
(377)(16)(519)(34)
Applicable income taxes
79 3 109 7 
Comprehensive income73,895 37,670 133,477 64,703 
Less: comprehensive income attributable to redeemable noncontrolling interest82 73 174 73 
Comprehensive income attributable to Cavco common stockholders$73,813 $37,597 $133,303 $64,630 
Net income per share attributable to Cavco common stockholders
Basic
$8.32 $4.09 $15.01 $7.03 
Diluted
$8.25 $4.06 $14.88 $6.97 
Weighted average shares outstanding
Basic
8,903,703 9,190,866 8,910,933 9,194,577 
Diluted
8,978,997 9,273,136 8,983,425 9,274,440 

See accompanying Notes to Consolidated Financial Statements
2

CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six Months Ended
October 1,
2022
October 2,
2021
OPERATING ACTIVITIES
Net income$133,892 $64,729 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization8,284 3,190 
Provision for credit losses(263)(74)
Deferred income taxes630 1,987 
Stock-based compensation expense3,525 2,417 
Non-cash interest income, net(280)(770)
Gain on sale or retirement of property, plant and equipment, net(25)(41)
Gain on investments and sale of loans, net(3,303)(12,555)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable(562)(3,136)
Consumer loans receivable originated(97,155)(85,370)
Proceeds from sales of consumer loans100,537 101,556 
Principal payments received on consumer loans receivable4,961 6,875 
Inventories10,006 (19,980)
Prepaid expenses and other current assets(4,832)993 
Commercial loans receivable(7,652)3,331 
Accounts payable and accrued expenses and other current liabilities15,179 16,935 
Net cash provided by operating activities162,942 80,087 
INVESTING ACTIVITIES
Purchases of property, plant and equipment(33,188)(4,671)
Payments for acquisitions, net (151,309)
Proceeds from sale of property, plant and equipment402 53 
Purchases of investments(9,742)(6,251)
Proceeds from sale of investments7,595 6,133 
Net cash used in investing activities(34,933)(156,045)
FINANCING ACTIVITIES
Payments for taxes on stock option exercises and releases of equity awards(982)(26)
Proceeds from exercise of stock options1,591 2,891 
Payments on finance leases and other secured financings(393)(1,122)
Payments for common stock repurchases(38,960)(20,436)
Distributions to noncontrolling interest(480)(180)
Net cash used in financing activities(39,224)(18,873)
Net increase (decrease) in cash, cash equivalents and restricted cash88,785 (94,831)
Cash, cash equivalents and restricted cash at beginning of the fiscal year259,334 339,307 
Cash, cash equivalents and restricted cash at end of the period$348,119 $244,476 
Supplemental disclosures of cash flow information
Cash paid for income taxes$48,027 $19,127 
Cash paid for interest$142 $195 
Supplemental disclosures of noncash activity
Change in GNMA loans eligible for repurchase$(3,286)$(8,830)
Right-of-use assets recognized and operating lease obligations incurred$1,445 $2,205 
Fair value of assets acquired under finance leases$ $7,398 
Finance lease obligations incurred$ $6,043 
See accompanying Notes to Consolidated Financial Statements
3

CAVCO INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Basis of Presentation
The accompanying unaudited Consolidated Financial Statements of Cavco Industries, Inc. and its subsidiaries (collectively, "we," "us," "our," the "Company" or "Cavco") have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") for Quarterly Reports on Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In addition, references throughout to numbered "Notes" refer to these Notes to Consolidated Financial Statements, unless otherwise stated.
In the opinion of management, these financial statements include all adjustments, including normal recurring adjustments, that are necessary to fairly state the results for the periods presented. Certain prior period amounts have been reclassified from secured financings to accrued expenses to conform to current period classification. We have evaluated subsequent events after the balance sheet date through the date of the filing of this report with the SEC; and except for the events set forth in Note 20 of the Notes to Consolidated Financial Statements ("Notes") of the Company's Quarterly Report on Form 10-Q for the period ended October 1, 2022, there were no subsequent events requiring disclosure. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the Notes to the Consolidated Financial Statements included in our 2022 Annual Report on Form 10-K for the year ended April 2, 2022, filed with the SEC ("Form 10-K").
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the Consolidated Financial Statements. The Consolidated Statements of Comprehensive Income and Consolidated Statements of Cash Flows for the interim periods are not necessarily indicative of the results or cash flows for the full year. The Company operates on a 52-53 week fiscal year ending on the Saturday nearest to March 31st of each year. Each fiscal quarter consists of 13 weeks, with an occasional fourth quarter extending to 14 weeks, if necessary, for the fiscal year to end on the Saturday nearest to March 31st. The current fiscal year will end on April 1, 2023 and will include 52 weeks.
We operate in two segments: (1) factory-built housing, which includes wholesale and retail factory-built housing operations, and (2) financial services, which includes manufactured housing consumer finance and insurance. We design and build a wide variety of affordable manufactured homes, modular homes and park model RVs through 26 homebuilding production lines located throughout the United States, which are sold to a network of independent distributors, community operators and residential developers and through our 42 Company-owned retail stores. The financial services segment is comprised of a finance subsidiary, CountryPlace Acceptance Corp. ("CountryPlace"), and an insurance subsidiary, Standard Casualty Company ("Standard Casualty"). CountryPlace is an approved Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") seller/servicer and a Government National Mortgage Association ("Ginnie Mae") mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Standard Casualty provides property and casualty insurance primarily to owners of manufactured homes.
During fiscal 2022, we acquired an additional 20% ownership in Craftsman Homes, LLC and Craftsman Homes Development, LLC (collectively known as "Craftsman"), which gave us a controlling interest and therefore became a consolidated entity, and we purchased certain manufactured housing assets and assumed certain liabilities of The Commodore Corporation ("Commodore"). Craftsman is a manufactured home retailer with four locations in Nevada selling Company and other manufacturer branded homes. Commodore added six manufacturing facilities and two wholly-owned retail locations, and also participates in commercial lending operations with its dealers.
In addition to the below, for a description of significant accounting policies we used in the preparation of our Consolidated Financial Statements, please refer to Note 1 of the Notes to Consolidated Financial Statements included in the Form 10-K.
4

2. Revenue from Contracts with Customers
The following table summarizes customer contract revenues disaggregated by reportable segment and source (in thousands):
Three Months EndedSix Months Ended
 October 1, 2022October 2, 2021October 1,
2022
October 2,
2021
Factory-built housing
     U.S. Housing and Urban Development code homes
$496,763 $285,947 $1,003,946 $548,337 
     Modular homes
37,236 31,386 71,574 58,003 
     Park model RVs
10,502 9,728 24,257 19,399 
     Other15,101 15,033 32,422 28,638 
559,602 342,094 1,132,199 654,377 
Financial services
     Insurance agency commissions received from third-party insurance companies
1,029 850 2,426 1,723 
     All other sources16,761 16,599 31,105 33,865 
17,790 17,449 33,531 35,588 
$577,392 $359,543 $1,165,730 $689,965 
3. Restricted Cash
Restricted cash consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Cash related to CountryPlace customer payments to be remitted to third parties$13,933 $13,857 
Other restricted cash937 1,327 
14,870 15,184 
Current portion(14,535)(14,849)
$335 $335 
Corresponding amounts for customer payments to be remitted to third parties are recorded in Accounts payable.
The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the Consolidated Balance Sheets to the combined amounts shown in the Consolidated Statements of Cash Flows (in thousands):
October 1,
2022
October 2,
2021
Cash and cash equivalents$333,249 $224,291 
Restricted cash14,870 20,185 
$348,119 $244,476 
5

4. Investments
Investments consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Available-for-sale debt securities$19,488 $17,760 
Marketable equity securities
14,441 16,780 
Non-marketable equity investments
20,761 20,479 
54,690 55,019 
Less short-term investments(16,367)(20,086)
$38,323 $34,933 
Investments in marketable equity securities consist of investments in the common stock of industrial and other companies.
Our non-marketable equity investments include investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities and other investments in manufactured housing distributors.
The amortized cost and fair value of our investments in available-for-sale debt securities, by security type are shown in the table below (in thousands):
October 1, 2022April 2, 2022
Amortized
Cost
Fair
Value
Amortized CostFair
Value
Residential mortgage-backed securities
$3,161 $3,059 $1,668 $1,613 
State and political subdivision debt securities
6,560 6,208 10,100 9,906 
Corporate debt securities
10,802 10,221 6,502 6,241 
$20,523 $19,488 $18,270 $17,760 
The amortized cost and fair value of our investments in available-for-sale debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations, with or without penalties.
October 1, 2022
Amortized
Cost
Fair
Value
Due in less than one year$1,443 $1,423 
Due after one year through five years14,521 13,610 
Due after five years through ten years1,005 1,007 
Due after ten years393 389 
Mortgage-backed securities3,161 3,059 
$20,523 $19,488 
There were no gross gains or losses realized on the sale of available-for-sale debt securities during the three and six months ended October 1, 2022 or October 2, 2021.
6

Net investment gains and losses on marketable equity securities were as follows (in thousands):
Three Months EndedSix Months Ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Marketable equity securities
Net (loss) gain recognized during the period$(233)$243 $(2,575)$1,939 
Less: Net loss (gain) recognized on securities sold during the period216 (143)290 (279)
Unrealized (loss) gain recognized during the period on securities still held$(17)$100 $(2,285)$1,660 
5. Inventories
Inventories consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Raw materials$93,358 $95,929 
Work in process29,600 30,638 
Finished goods111,007 117,404 
$233,965 $243,971 
6. Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
October 1,
2022
April 2,
2022
Loans held for investment, previously securitized$23,241 $26,014 
Loans held for investment14,213 14,771 
Loans held for sale11,035 8,500 
Construction advances993 3,547 
49,482 52,832 
Deferred financing fees and other, net(773)(833)
Allowance for loan losses(1,739)(2,115)
46,970 49,884 
Less current portion(18,400)(20,639)
$28,570 $29,245 
7

The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
Three Months EndedSix Months Ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Allowance for loan losses at beginning of period$1,905 $2,918 $2,115 $3,188 
Change in estimated loan losses, net(166)210 (376)(57)
Charge-offs (329)(19)(332)
Recoveries  19  
Allowance for loan losses at end of period$1,739 $2,799 $1,739 $2,799 
The consumer loans held for investment had the following characteristics:
October 1,
2022
April 2,
2022
Weighted average contractual interest rate8.3 %8.3 %
Weighted average effective interest rate9.0 %9.2 %
Weighted average months to maturity150151
The following table is a consolidated summary of the delinquency status of the outstanding consumer loans receivable (in thousands):
October 1,
2022
April 2,
2022
Current$47,539 $49,546 
31 to 60 days336 1,202 
61 to 90 days361 41 
91+ days1,246 2,043 
$49,482 $52,832 
The following tables disaggregate the principal value of consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
October 1, 2022
20232022202120202019PriorTotal
Prime- FICO score 680 and greater
$8,596 $1,624 $1,064 $2,411 $1,265 $19,014 $33,974 
Near Prime- FICO score 620-679
1,049 153 1,022 1,135 1,615 9,116 14,090 
Sub-Prime- FICO score less than 620
  20 52  1,173 1,245 
No FICO score
   16 25 132 173 
$9,645 $1,777 $2,106 $3,614 $2,905 $29,435 $49,482 
8

April 2, 2022
20222021202020192018PriorTotal
Prime- FICO score 680 and greater
$8,155 $1,615 $2,371 $1,339 $853 $20,485 $34,818 
Near Prime- FICO score 620-679
1,661 1,274 1,413 1,976 617 9,266 16,207 
Sub-Prime- FICO score less than 620
45 20 52   1,318 1,435 
No FICO score
   26  346 372 
$9,861 $2,909 $3,836 $3,341 $1,470 $31,415 $52,832 
As of October 1, 2022 and April 2, 2022, 43% and 39% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas, respectively, and 16% and 17%, respectively was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the outstanding principal balance of the consumer loans receivable as of October 1, 2022 or April 2, 2022.
Repossessed homes totaled approximately $375,000 and $499,000 as of October 1, 2022 and April 2, 2022, respectively, and are included in Prepaid expenses and other current assets on the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $605,000 and $1.1 million as of October 1, 2022 and April 2, 2022, respectively.
7. Commercial Loans Receivable
The commercial loans receivable balance consists of direct financing arrangements for the home product needs of our independent distributors, community operators and residential developers.
Commercial loans receivable (including from affiliates), net consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Loans receivable$77,345 $69,693 
Allowance for loan losses (1,123)(1,011)
Deferred financing fees, net(117)(116)
76,105 68,566 
Less current portion(32,663)(32,644)
$43,442 $35,922 
The commercial loans receivable balance had the following characteristics:
October 1,
2022
April 2,
2022
Weighted average contractual interest rate6.1 %6.4 %
Weighted average months outstanding99
9

The following table represents changes in the estimated allowance for loan losses (in thousands):
Three Months EndedSix Months Ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Balance at beginning of period
$1,054 $785 $1,011 $816 
Change in estimated loan losses, net
69 41 112 10 
Balance at end of period
$1,123 $826 $1,123 $826 
Loans with indicators of potential performance problems are placed on watch list status and are subject to additional monitoring and scrutiny. Nonperforming status includes loans accounted for on a non-accrual basis and accruing loans with principal payments 90 days or more past due. As of October 1, 2022 and April 2, 2022, there were no commercial loans considered watch list or nonperforming. The following table disaggregates the principal value of our commercial loans receivable by fiscal year of origination (in thousands):
October 1, 2022
20232022202120202019PriorTotal
Performing
$43,323 $23,047 $6,698 $2,561 $815 $901 $77,345 
April 2, 2022
20222021202020192018PriorTotal
Performing
$52,592 $10,181 $4,031 $1,391 $1,498 $ $69,693 
As of October 1, 2022, there were no commercial loans 90 days or more past due that were still accruing interest, and we were not aware of any potential problem loans that would have a material effect on the commercial loans receivable balance.
As of October 1, 2022 and April 2, 2022, we had concentrations of our outstanding principal balance of the commercial loans receivable balance in New York of 19% and 25%, respectively. No other state had concentrations in excess of 10% of the outstanding principal balance of the commercial loans receivable as of October 1, 2022 or April 2, 2022.
As of October 1, 2022 and April 2, 2022, one independent third-party and its affiliates comprised 13% and 14%, respectively, of the net commercial loans receivable principal balance outstanding, all of which was secured.
8. Property, Plant and Equipment, net
Property, plant and equipment, net, consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Property, plant and equipment, at cost
Land$34,777 $32,154 
Buildings and improvements142,890 100,775 
Machinery and equipment56,601 48,638 
Construction in progress12,474 29,281 
246,742 210,848 
Accumulated depreciation(56,774)(46,832)
$189,968 $164,016 
Depreciation expense for the three and six months ended October 1, 2022 was $3.8 million and $7.3 million, respectively. Depreciation expense for the three and six months ended October 2, 2021 was $1.4 million and $2.9 million, respectively.
10

9. Goodwill and Other Intangibles
Goodwill and other intangibles, net, consisted of the following (in thousands):
October 1, 2022April 2, 2022
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Indefinite-lived
Goodwill$100,577 $— $100,577 $100,993 $— $100,993 
Trademarks and trade names
15,680 — 15,680 15,680 — 15,680 
State insurance licenses
1,100 — 1,100 1,100 — 1,100 
117,357 — 117,357 117,773 — 117,773 
Finite-lived
Customer relationships19,500 (9,334)10,166 19,500 (8,392)11,108 
Other
1,924 (1,420)504 1,924 (1,353)571 
$138,781 $(10,754)$128,027 $139,197 $(9,745)$129,452 
Amortization expense recognized on intangible assets was $502,000 and $1.0 million for the three and six months ended October 1, 2022, respectively. Amortization expense recognized on intangible assets was $166,000 and $339,000 for the three and six months ended October 2, 2021, respectively.
Expected amortization for future fiscal years is as follows (in thousands):
Remainder of fiscal year$1,003 
20241,339 
20251,300 
20261,258 
20271,185 
20281,079 
Thereafter3,506 
During the second fiscal quarter, we finalized the purchase price allocation related to the Commodore acquisition, and recorded purchase accounting adjustments that did not have a material effect on the Consolidated Financial Statements.
10. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
October 1,
2022
April 2,
2022
Salaries, wages and benefits$55,232 $54,172 
Customer deposits48,255