Segment Information

12 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Segment Information

15.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 segment primarily based on net sales, before elimination of inter-company shipments, 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 directly 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 include cash and certain deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Year Ended
(Dollars in thousands)	April 2, 2022			April 3, 2021			March 28, 2020
Net sales:
U.S. Factory-built Housing	$	1,991,066		$	1,266,308		$	1,226,393
Canadian Factory-built Housing		159,124			101,328			84,196
Corporate/Other		57,039			53,245			59,141
Consolidated net sales	$	2,207,229		$	1,420,881		$	1,369,730
Operating income:
U.S. Factory-built Housing EBITDA	$	360,978		$	142,699		$	131,339
Canadian Factory-built Housing EBITDA		31,692			19,564			9,272
Corporate/Other EBITDA		(38,793	)		(29,911	)		(35,610	)
Other income		(36	)		(5,889	)		—
Depreciation		(13,384	)		(12,087	)		(13,116	)
Amortization		(7,552	)		(5,617	)		(5,430	)
Consolidated operating income	$	332,905		$	108,759		$	86,455
Depreciation:
U.S. Factory-built Housing	$	10,823		$	9,620		$	11,015
Canadian Factory-built Housing		1,111			860			1,073
Corporate/Other		1,450			1,607			1,028
Consolidated depreciation	$	13,384		$	12,087		$	13,116
Amortization of U.S. Factory-built Housing intangible assets:	$	7,552		$	5,617		$	5,430
Capital expenditures:
U.S. Factory-built Housing	$	29,133		$	6,261		$	11,753
Canadian Factory-built Housing		1,419			1,034			1,566
Corporate/Other		1,427			721			2,070
Consolidated capital expenditures	$	31,979		$	8,016		$	15,389
(Dollars in thousands)	April 2, 2022			April 3, 2021
Total Assets:
U.S. Factory-built Housing (1)	$	695,500		$	578,897
Canadian Factory-built Housing (1)		107,459			87,224
Corporate/Other (1)		431,660			251,781
Consolidated total assets	$	1,234,619		$	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.