Segment Information

3 Months Ended

Jul. 02, 2022

Segment Reporting [Abstract]

Segment Information

11. 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 U.S. deferred tax items not specifically allocated to another segment.

Selected financial information by reportable segment was as follows:

	Three months ended
(Dollars in thousands)	July 2, 2022			July 3, 2021
Net sales:
U.S. Factory-built Housing	$	661,081		$	457,320
Canadian Factory-built Housing		45,062			37,831
Corporate/Other		19,738			15,046
Consolidated net sales	$	725,881		$	510,197
Operating income:
U.S. Factory-built Housing EBITDA	$	161,565		$	63,017
Canadian Factory-built Housing EBITDA		11,327			5,666
Corporate/Other EBITDA		(9,589	)		(5,977	)
Other income		(634	)		(54	)
Depreciation		(3,670	)		(3,257	)
Amortization		(1,946	)		(1,888	)
Consolidated operating income	$	157,053		$	57,507
Depreciation:
U.S. Factory-built Housing	$	3,037		$	2,610
Canadian Factory-built Housing		281			285
Corporate/Other		352			362
Consolidated depreciation	$	3,670		$	3,257
Amortization of U.S. Factory-built Housing intangible assets:	$	1,946		$	1,888
Capital expenditures:
U.S. Factory-built Housing	$	8,933		$	7,258
Canadian Factory-built Housing		361			105
Corporate/Other		141			1,858
Consolidated capital expenditures	$	9,435		$	9,221
(Dollars in thousands)	July 2, 2022			April 2, 2022
Total Assets:
U.S. Factory-built Housing (1)	$	796,260		$	695,500
Canadian Factory-built Housing (1)		114,485			107,459
Corporate/Other (1)		462,587			431,660
Consolidated total assets	$	1,373,332		$	1,234,619

(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.