Segment Information

12 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Segment Information

14.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 1, 2023			April 2, 2022			April 3, 2021
Net sales:
U.S. Factory-built Housing	$	2,411,342		$	1,991,066		$	1,266,308
Canadian Factory-built Housing		144,289			159,124			101,328
Corporate/Other		50,929			57,039			53,245
Consolidated net sales	$	2,606,560		$	2,207,229		$	1,420,881
Operating income:
U.S. Factory-built Housing EBITDA	$	558,988		$	360,978		$	142,699
Canadian Factory-built Housing EBITDA		32,937			31,692			19,564
Corporate/Other EBITDA		(46,280	)		(38,793	)		(29,911	)
Other income		(634	)		(36	)		(5,889	)
Depreciation		(16,085	)		(13,384	)		(12,087	)
Amortization		(10,641	)		(7,552	)		(5,617	)
Consolidated operating income	$	518,285		$	332,905		$	108,759
Depreciation:
U.S. Factory-built Housing	$	13,624		$	10,823		$	9,620
Canadian Factory-built Housing		1,228			1,111			860
Corporate/Other		1,233			1,450			1,607
Consolidated depreciation	$	16,085		$	13,384		$	12,087
Amortization of U.S. Factory-built Housing intangible assets:	$	10,641		$	7,552		$	5,617
Capital expenditures:
U.S. Factory-built Housing	$	47,328		$	29,133		$	6,261
Canadian Factory-built Housing		4,189			1,419			1,034
Corporate/Other		727			1,427			721
Consolidated capital expenditures	$	52,244		$	31,979		$	8,016
(Dollars in thousands)	April 1, 2023			April 2, 2022
Total Assets:
U.S. Factory-built Housing (1)	$	708,573		$	695,500
Canadian Factory-built Housing (1)		124,673			107,459
Corporate/Other (1)		729,478			431,660
Consolidated total assets	$	1,562,724		$	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.