Segment Information

9 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Segment Information

13. 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						Nine months ended
(Dollars in thousands)	December 30, 2023			December 31, 2022			December 30, 2023			December 31, 2022
Net sales:
U.S. Factory-built Housing	$	521,124		$	541,838		$	1,378,041		$	1,957,156
Canadian Factory-built Housing		30,803			31,342			86,179			115,602
Corporate/Other		7,528			9,142			24,240			42,270
Consolidated net sales	$	559,455		$	582,322		$	1,488,460		$	2,115,028
Operating income:
U.S. Factory-built Housing EBITDA	$	71,862		$	115,483		$	210,847		$	476,332
Canadian Factory-built Housing EBITDA		6,473			5,893			17,000			27,361
Corporate/Other EBITDA		(13,271	)		(12,323	)		(39,201	)		(34,205	)
Other expense (income)		756			—			2,821			(634	)
Depreciation		(6,862	)		(3,824	)		(16,195	)		(11,660	)
Amortization		(2,777	)		(2,960	)		(7,822	)		(7,681	)
Consolidated operating income	$	56,181		$	102,269		$	167,450		$	449,513
Depreciation:
U.S. Factory-built Housing	$	6,332		$	3,245		$	14,658		$	9,787
Canadian Factory-built Housing		372			277			1,084			903
Corporate/Other		158			302			453			970
Consolidated depreciation	$	6,862		$	3,824		$	16,195		$	11,660
Amortization of U.S. Factory-built Housing intangible assets:	$	2,777		$	2,960		$	7,822		$	7,681
Capital expenditures:
U.S. Factory-built Housing	$	16,670		$	11,181		$	38,091		$	34,892
Canadian Factory-built Housing		1,091			1,163			2,032			2,592
Corporate/Other		378			220			863			693
Consolidated capital expenditures	$	18,139		$	12,564		$	40,986		$	38,177
(Dollars in thousands)							December 30, 2023			April 1, 2023
Total Assets:
U.S. Factory-built Housing (1)							$	1,180,081		$	708,573
Canadian Factory-built Housing (1)								133,363			124,673
Corporate/Other (1)								555,975			729,478
Consolidated total assets							$	1,869,419		$	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.