Segment Information

9 Months Ended

Jan. 01, 2022

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						Nine months ended
(Dollars in thousands)	January 1, 2022			December 26, 2020			January 1, 2022			December 26, 2020
Net sales:
U.S. Factory-built Housing	$	484,319		$	336,358		$	1,413,338		$	868,577
Canadian Factory-built Housing		36,910			26,351			113,242			66,104
Corporate/Other		13,461			14,872			42,532			38,551
Consolidated net sales	$	534,690		$	377,581		$	1,569,112		$	973,232
Operating income:
U.S. Factory-built Housing EBITDA	$	98,724		$	35,538		$	239,816		$	88,628
Canadian Factory-built Housing EBITDA		7,571			2,933			19,627			13,790
Corporate/Other EBITDA		(9,638	)		(6,407	)		(26,966	)		(20,235	)
Other income		7			(180	)		(36	)		(6,993	)
Depreciation		(3,348	)		(3,025	)		(9,869	)		(8,994	)
Amortization		(1,902	)		(1,361	)		(5,664	)		(4,082	)
Consolidated operating income	$	91,414		$	27,498		$	216,908		$	62,114
Depreciation:
U.S. Factory-built Housing	$	2,706		$	2,378		$	7,935		$	7,167
Canadian Factory-built Housing		279			246			837			609
Corporate/Other		363			401			1,097			1,218
Consolidated depreciation	$	3,348		$	3,025		$	9,869		$	8,994
Amortization of U.S. Factory-built Housing intangible assets:	$	1,902		$	1,361		$	5,664		$	4,082
Capital expenditures:
U.S. Factory-built Housing	$	6,799		$	1,234		$	19,070		$	3,173
Canadian Factory-built Housing		248			312			589			554
Corporate/Other		632			137			3,125			508
Consolidated capital expenditures	$	7,679		$	1,683		$	22,784		$	4,235
(Dollars in thousands)							January 1, 2022			April 3, 2021
Total Assets:
U.S. Factory-built Housing (1)							$	586,047		$	578,897
Canadian Factory-built Housing (1)								94,891			87,224
Corporate/Other (1)								387,213			251,781
Consolidated total assets							$	1,068,151		$	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.