Business Segment Information

6 Months Ended

Sep. 27, 2025

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

We operate principally 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, and qualifies as other activity under the segment reporting guidance as it does not meet the quantitative thresholds to be reported separately. The factory-built housing segment generates revenue from building and selling manufactured and modular homes to both wholesale customers and end consumers through Company owned retail stores. The Financial services segment generates revenue through lending products for manufactured home purchasers, and through writing and holding insurance policies for manufactured homes. The Company's Chief Executive Officer is the chief operating decision maker ("CODM"). The CODM assesses segment performance and allocates resources, including reinvesting profits and making acquisitions, based on Gross profit and Income before income taxes. The CODM also uses these metrics in the budgeting process when determining how to allocate resources. The CODM is not provided asset information by reportable segment. The following tables provide selected financial data by segment (dollars in thousands):

	Three Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	535,117	$	21,410	$	556,527
Cost of sales	412,623		9,497		422,120
Gross profit	122,494		11,913		134,407
Selling, general and administrative expenses	65,757		6,472		72,229
Income from operations	56,737		5,441		62,178
Interest income	5,046		—		5,046
Interest expense	(112)		—		(112)
Other income, net	142		—		142
Income before income taxes	61,813		5,441		67,254
Income tax expense	(13,661)		(1,212)		(14,873)
Net income	$	48,152	$	4,229	$	52,381
	Six Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Net revenue	$	1,070,811	$	42,573	$	1,113,384
Cost of sales	827,473		21,998		849,471
Gross profit	243,338		20,575		263,913
Selling, general and administrative expenses	128,911		12,466		141,377
Income from operations	114,427		8,109		122,536
Interest income	10,149		—		10,149
Interest expense	(276)		—		(276)
Other income, net	142		—		142
Income before income taxes	124,442		8,109		132,551
Income tax expense	(26,789)		(1,739)		(28,528)
Net income	$	97,653	$	6,370	$	104,023

	Three Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	4,898	$	63	$	4,961
Amortization	$	366	$	6	$	372
Capital expenditures	$	9,861	$	—	$	9,861
	Six Months Ended September 27, 2025
	Factory-built housing		Financial services		Consolidated
Depreciation	$	9,633	$	125	$	9,758
Amortization	$	732	$	12	$	744
Capital expenditures	$	18,870	$	—	$	18,870

	Three Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Net revenue	$	486,343	$	21,118	$	507,461
Cost of sales	374,823		16,516		391,339
Gross profit	111,520		4,602		116,122
Selling, general and administrative expenses	61,440		5,557		66,997
Income (loss) from operations	50,080		(955)		49,125
Interest income	5,692		—		5,692
Interest expense	(125)		—		(125)
Other income, net	258		—		258
Income (loss) before income taxes	55,905		(955)		54,950
Income tax expense	(11,099)		(36)		(11,135)
Net income (loss)	$	44,806	$	(991)	$	43,815
	Six Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Net revenue	$	944,391	$	40,669	$	985,060
Cost of sales	729,361		36,175		765,536
Gross profit	215,030		4,494		219,524
Selling, general and administrative expenses	121,160		10,688		131,848
Income (loss) from operations	93,870		(6,194)		87,676
Interest income	11,203		—		11,203
Interest expense	(215)		—		(215)
Other income, net	147		—		147
Income (loss) before income taxes	105,005		(6,194)		98,811
Income tax (expense) benefit	(21,755)		1,188		(20,567)
Net income (loss)	$	83,250	$	(5,006)	$	78,244

	Three Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	4,312	$	63	$	4,375
Amortization	$	378	$	7	$	385
Capital expenditures	$	4,878	$	27	$	4,905
	Six Months Ended September 28, 2024
	Factory-built housing		Financial services		Consolidated
Depreciation	$	8,616	$	128	$	8,744
Amortization	$	764	$	13	$	777
Capital expenditures	$	9,729	$	90	$	9,819

	September 27, 2025		March 29, 2025
Total assets:
Factory-built housing	$	1,210,524	$	1,191,216
Financial services	238,545		215,429
Consolidated	$	1,449,069	$	1,406,645