Segment Information

6 Months Ended

Oct. 02, 2021

Segment Reporting [Abstract]

Segment Information

12. Segment Information

Financial results for the Company's reportable segments have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segments primarily based on net sales, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and operating assets.

The Company operates in two reportable segments: (i) U.S. Factory-built Housing, which includes manufacturing and retail housing operations and (ii) Canadian Factory-built Housing. Corporate/Other includes the Company’s transportation operations, corporate costs incurred for all segments and intersegment eliminations. Segments are generally determined by geography. Segment data includes intersegment revenues and corporate office costs that are directly and exclusively incurred for each segment. Total assets for Corporate/Other primarily includes cash and certain deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Three months ended						Six months ended
(Dollars in thousands)	October 2, 2021			September 26, 2020			October 2, 2021			September 26, 2020
Net sales:
U.S. Factory-built Housing	$	471,699		$	283,360		$	929,019		$	532,219
Canadian Factory-built Housing		38,501			24,558			76,332			39,753
Corporate/Other		14,025			14,448			29,071			23,679
Consolidated net sales	$	524,225		$	322,366		$	1,034,422		$	595,651
Operating income:
U.S. Factory-built Housing EBITDA	$	78,075		$	28,697		$	141,092		$	53,090
Canadian Factory-built Housing EBITDA		6,390			5,951			12,056			10,857
Corporate/Other EBITDA		(11,351	)		(6,221	)		(17,328	)		(13,828	)
Other income		11			(2,599	)		(43	)		(6,813	)
Depreciation		(3,264	)		(3,048	)		(6,521	)		(5,969	)
Amortization		(1,874	)		(1,360	)		(3,762	)		(2,721	)
Consolidated operating income	$	67,987		$	21,420		$	125,494		$	34,616
Depreciation:
U.S. Factory-built Housing	$	2,619		$	2,391		$	5,229		$	4,789
Canadian Factory-built Housing		273			248			558			363
Corporate/Other		372			409			734			817
Consolidated depreciation	$	3,264		$	3,048		$	6,521		$	5,969
Amortization of U.S. Factory-built Housing intangible assets:	$	1,874		$	1,360		$	3,762		$	2,721
Capital expenditures:
U.S. Factory-built Housing	$	5,269		$	1,054		$	12,527		$	1,939
Canadian Factory-built Housing		236			85			341			242
Corporate/Other		379			102			2,237			371
Consolidated capital expenditures	$	5,884		$	1,241		$	15,105		$	2,552
(Dollars in thousands)							October 2, 2021			April 3, 2021
Total Assets:
U.S. Factory-built Housing (1)							$	605,669		$	578,897
Canadian Factory-built Housing (1)								93,773			87,224
Corporate/Other (1)								310,888			251,781
Consolidated total assets							$	1,010,330		$	917,902

(1)Deferred tax assets for the Canadian operations are reflected in the Canadian Factory-built Housing segment. U.S. deferred tax assets are presented in Corporate/Other because an allocation between segments is not practicable.