Segment Information

3 Months Ended

Jul. 01, 2023

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, 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 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 1, 2023			July 2, 2022
Net sales:
U.S. Factory-built Housing	$	428,785		$	661,081
Canadian Factory-built Housing		26,120			45,062
Corporate/Other		9,864			19,738
Consolidated net sales	$	464,769		$	725,881
Operating income:
U.S. Factory-built Housing EBITDA	$	74,233		$	161,565
Canadian Factory-built Housing EBITDA		4,764			11,327
Corporate/Other EBITDA		(12,171	)		(9,589	)
Other (income)		—			(634	)
Depreciation		(4,633	)		(3,670	)
Amortization		(2,959	)		(1,946	)
Consolidated operating income	$	59,234		$	157,053
Depreciation:
U.S. Factory-built Housing	$	4,128		$	3,037
Canadian Factory-built Housing		356			281
Corporate/Other		149			352
Consolidated depreciation	$	4,633		$	3,670
Amortization of U.S. Factory-built Housing intangible assets:	$	2,959		$	1,946
Capital expenditures:
U.S. Factory-built Housing	$	9,678		$	8,933
Canadian Factory-built Housing		466			361
Corporate/Other		197			141
Consolidated capital expenditures	$	10,341		$	9,435
(Dollars in thousands)	July 1, 2023			April 1, 2023
Total Assets:
U.S. Factory-built Housing (1)	$	691,008		$	708,573
Canadian Factory-built Housing (1)		129,233			124,673
Corporate/Other (1)		797,418			729,478
Consolidated total assets	$	1,617,659		$	1,562,724

(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.