Segment Information

6 Months Ended

Oct. 01, 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						Six months ended
(Dollars in thousands)	October 1, 2022			October 2, 2021			October 1, 2022			October 2, 2021
Net sales:
U.S. Factory-built Housing	$	754,237		$	471,699		$	1,415,318		$	929,019
Canadian Factory-built Housing		39,198			38,501			84,260			76,332
Corporate/Other		13,390			14,025			33,128			29,071
Consolidated net sales	$	806,825		$	524,225		$	1,532,706		$	1,034,422
Operating income:
U.S. Factory-built Housing EBITDA	$	199,284		$	78,075		$	360,849		$	141,092
Canadian Factory-built Housing EBITDA		10,141			6,390			21,468			12,056
Corporate/Other EBITDA		(12,293	)		(11,351	)		(21,882	)		(17,328	)
Other expense (income)		—			11			(634	)		(43	)
Depreciation		(4,166	)		(3,264	)		(7,836	)		(6,521	)
Amortization		(2,775	)		(1,874	)		(4,721	)		(3,762	)
Consolidated operating income	$	190,191		$	67,987		$	347,244		$	125,494
Depreciation:
U.S. Factory-built Housing	$	3,505		$	2,619		$	6,542		$	5,229
Canadian Factory-built Housing		345			273			626			558
Corporate/Other		316			372			668			734
Consolidated depreciation	$	4,166		$	3,264		$	7,836		$	6,521
Amortization of U.S. Factory-built Housing intangible assets:	$	2,775		$	1,874		$	4,721		$	3,762
Capital expenditures:
U.S. Factory-built Housing	$	14,778		$	5,269		$	23,711		$	12,527
Canadian Factory-built Housing		1,068			236			1,429			341
Corporate/Other		332			379			473			2,237
Consolidated capital expenditures	$	16,178		$	5,884		$	25,613		$	15,105
(Dollars in thousands)							October 1, 2022			April 2, 2022
Total Assets:
U.S. Factory-built Housing (1)							$	724,859		$	695,500
Canadian Factory-built Housing (1)								115,188			107,459
Corporate/Other (1)								667,571			431,660
Consolidated total assets							$	1,507,618		$	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.