Segment Information

9 Months Ended

Dec. 31, 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						Nine months ended
(Dollars in thousands)	December 31, 2022			January 1, 2022			December 31, 2022			January 1, 2022
Net sales:
U.S. Factory-built Housing	$	541,838		$	484,319		$	1,957,156		$	1,413,338
Canadian Factory-built Housing		31,342			36,910			115,602			113,242
Corporate/Other		9,142			13,461			42,270			42,532
Consolidated net sales	$	582,322		$	534,690		$	2,115,028		$	1,569,112
Operating income:
U.S. Factory-built Housing EBITDA	$	115,483		$	98,724		$	476,332		$	239,816
Canadian Factory-built Housing EBITDA		5,893			7,571			27,361			19,627
Corporate/Other EBITDA		(12,323	)		(9,638	)		(34,205	)		(26,966	)
Other expense (income)		—			7			(634	)		(36	)
Depreciation		(3,824	)		(3,348	)		(11,660	)		(9,869	)
Amortization		(2,960	)		(1,902	)		(7,681	)		(5,664	)
Consolidated operating income	$	102,269		$	91,414		$	449,513		$	216,908
Depreciation:
U.S. Factory-built Housing	$	3,245		$	2,706		$	9,787		$	7,935
Canadian Factory-built Housing		277			279			903			837
Corporate/Other		302			363			970			1,097
Consolidated depreciation	$	3,824		$	3,348		$	11,660		$	9,869
Amortization of U.S. Factory-built Housing intangible assets:	$	2,960		$	1,902		$	7,681		$	5,664
Capital expenditures:
U.S. Factory-built Housing	$	11,181		$	6,799		$	34,892		$	19,070
Canadian Factory-built Housing		1,163			248			2,592			589
Corporate/Other		220			632			693			3,125
Consolidated capital expenditures	$	12,564		$	7,679		$	38,177		$	22,784
(Dollars in thousands)							December 31, 2022			April 2, 2022
Total Assets:
U.S. Factory-built Housing (1)							$	702,432		$	695,500
Canadian Factory-built Housing (1)								121,366			107,459
Corporate/Other (1)								687,889			431,660
Consolidated total assets							$	1,511,687		$	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.