Segment Information

12 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Segment Information

16.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)	March 30, 2024			April 1, 2023			April 2, 2022
Net sales:
U.S. Factory-built Housing	$	1,885,507		$	2,411,342		$	1,991,066
Canadian Factory-built Housing		109,089			144,289			159,124
Corporate/Other		30,227			50,929			57,039
Consolidated net sales	$	2,024,823		$	2,606,560		$	2,207,229
Operating income:
U.S. Factory-built Housing EBITDA	$	240,622		$	558,988		$	360,978
Canadian Factory-built Housing EBITDA		21,368			32,937			31,692
Corporate/Other EBITDA		(61,502	)		(46,280	)		(38,793	)
Depreciation		(24,136	)		(16,085	)		(13,384	)
Amortization		(10,774	)		(10,641	)		(7,552	)
Other expense (income)		2,604			(634	)		(36	)
Equity in net loss of affiliate		7,023			—			—
Consolidated operating income	$	175,205		$	518,285		$	332,905
Depreciation:
U.S. Factory-built Housing	$	22,041		$	13,624		$	10,823
Canadian Factory-built Housing		1,482			1,228			1,111
Corporate/Other		613			1,233			1,450
Consolidated depreciation	$	24,136		$	16,085		$	13,384
Amortization of U.S. Factory-built Housing intangible assets:	$	10,774		$	10,641		$	7,552
Capital expenditures:
U.S. Factory-built Housing	$	47,856		$	47,328		$	29,133
Canadian Factory-built Housing		3,553			4,189			1,419
Corporate/Other		1,506			727			1,427
Consolidated capital expenditures	$	52,915		$	52,244		$	31,979
(Dollars in thousands)	March 30, 2024			April 1, 2023
Total Assets:
U.S. Factory-built Housing (1)	$	1,239,338		$	708,573
Canadian Factory-built Housing (1)		132,420			124,673
Corporate/Other (1)		551,583			729,478
Consolidated total assets	$	1,923,341		$	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.